MI Gas prices up 11 cents from last week, 15 cents from last month

July 22, 2024

Nik Rajkovic / [email protected]

Gasoline prices in Michigan rose 11 cents from last week. Michigan drivers are now paying an average of $3.69 per gallon for regular unleaded. That price is 15 cents more than this time last month and 18 cents more than this time last year.

Drivers in the WHMI listening group pay $3.70 or more for regular. Gasoline averages $3.75 in Livingston County.

Motorists will pay an average of $55 for a 15-gallon tank of gas, a discount of about $3 from the highest price last August in 2023.

According to new data from the Energy Information Administration (EIA), gas demand fell from 9.39 million barrels per day to 8.78. Meanwhile, total domestic gasoline supplies fell from 231.7 to 229.7 million barrels. Gasoline production took a slight hit, likely due to Hurricane Beryl, falling from an average of 10.3 million barrels per day to 9.5.

At the end of Wednesday’s formal trading session, WTI rose $2.09 to close at $82.85 per barrel. The EIA reports that crude oil inventories fell by 4.9 million barrels from the previous week. At 440.2 million barrels, U.S. crude oil inventories are about 5% below the five-year average for this time of year.

“After declining slightly early last week, gas prices in Michigan spiked this weekend,” said Adrienne Woodland, spokesperson for AAA-The Auto Club Group. “If demand for gas remains low, alongside an increase in supply, pump prices could potentially reverse.”

Compared to last week, Metro Detroit’s average daily gasoline price has increased. Metro Detroit’s current average is $3.64 per gallon, about 11 cents more than last week’s average and 9 cents more than the same time last year.

Click below to see AAA’s average gas prices for the state and metro area:

• Average most expensive gas prices: Jackson ($3.75), Lansing ($3.75), Benton Harbor ($3.73)

• Average cheapest gas prices: Marquette ($3.48), Metro Detroit ($3.64), Ann Arbor ($3.71)