News Fuel

Add Article to My Briefcase Print Friendly Version

March 18, 2018
AAA MICHIGAN REPORTS: STATEWIDE AVERAGE DAILY GAS PRICE DROPS TWO CENTS

 
Dearborn, Michigan (March 18, 2018) -- AAA Michigan reports that for the first time in three weeks, the statewide average daily gas price decreased about 2 cents. Michigan’s current daily statewide average is about $2.56 per gallon, about 3 cents less than last week’s average and about 20 cents more than this same time last year.
 
Metro Detroit’s average daily gas price decreased about 3 cents. Metro Detroit’s current average is about $2.59 per gallon, about 3 cents less than last week’s average and about 27 cents more than this same time last year.
 
Of the ten Michigan metro areas surveyed by AAA for self-serve unleaded fuel prices, the lowest average price can be found in the Flint area, where it’s about $2.49 a gallon. The highest average price can be found in the Marquette area, where it’s about $2.62 a gallon. 
 
According to the latest reports from AAA:
 
State
Michigan ranked:
  • < >in the nation for most expensive average daily gas priceThe Great Lakes and Central states saw the most volatility with gas prices.
  • After last week’s substantial 1.7 million bbl build, gas inventories added 880,000 bbl this week according to the EIA.
  • Total inventories sit at 61 million bbl. The last time the region reached or was above 61 million bbl was in 2016, according to the EIA.
  • It was reported that PBF Energy's 188,000-b/d refinery in Toledo, Ohio, shut its hydrocracker for planned maintenance last week.
    • A hydrocracker breaks up oil into a variety of byproducts, including gasoline.
    • This could affect regional inventory levels through April, which is when the refinery expects to complete maintenance.
National

  • The national average price has mostly held flat , signaling that supply and demand for gasoline are synced.
  • On the demand front, according to EIA’s recent petroleum report, it registered at 9.6 million b/d last week – which is extraordinarily high for the middle of March.
  • For context, the rate is the highest seen this year and the highest weekly estimate since the end of August last year.
  • High demand led to gasoline stocks falling sharply by 6.3 million bbl and total gasoline output to inch up to 10.1 million b/d.
  • With spring around the corner, the market will be looking to see if demand jumps up further, supporting an increase in pump prices for drivers.
 

 
Global

  • The oil market has edged higher following the release of the International Energy Agency’s (IEA) latest 2018 global crude demand forecast.
  • It showed that demand is expected to increase by 1.5 million b/d this year, landing at a total of 99.3 million barrels per day.
  • Last year’s total demand sat at 97.8 million b/d.
  • The jump has given the market some hope that with an increase in global supply, which sat at 97.9 million b/d last month, demand is keeping pace.
  • Global crude supply growth has been fueled by an increase in domestic crude output in the U.S.
 

 


Regular Unleaded Gas
Current and Past Price Averages
Sunday Week Ago Year Ago
National 2.542 2.527 2.293
Michigan 2.567 2.593 2.363
Ann Arbor 2.602 2.594 2.377
Benton Harbor 2.559 2.606 2.354
Flint 2.497 2.601 2.378
Grand Rapids/Muskegon/Holland 2.567 2.629 2.371
Jackson 2.574 2.643 2.379
Lansing/E. Lansing 2.541 2.606 2.383
Marquette 2.623 2.626 2.223
Metro Detroit 2.592 2.561 2.316
Saginaw/Bay City/Midland 2.578 2.621 2.378
Traverse City 2.572 2.538 2.371
         

 
 
Gas Price Survey Methodology
Every day up to 130,000 stations in the nation and more than 4,200 stations in Michigan are surveyed based on credit card swipes and direct feeds in cooperation with the Oil Price Information Service (OPIS) and Wright Express for unmatched statistical reliability. All average retail prices in this report are for a gallon of regular, unleaded gasoline. 
AAA updates fuel price averages daily at www.GasPrices.AAA.com.
The next Gas Price Primer will be emailed on Sunday, March 25, 2018
 
Web Tools
Daily Gas Prices-Michigan
Daily Gas Prices-National
Gas Cost Calculator
Mobile App

 

 
AAA in Michigan celebrated its 100th Anniversary - A Century of Service in 2016 and has over 1.4 million members across the state. It is part of The Auto Club Group (ACG).  Connect with us on Facebook and LinkedIn.
The Auto Club Group (ACG) is the second largest AAA club in North America.  ACG and its affiliates provide membership, insurance, financial services and travel offerings to over 9.5 million members across eleven states and two U.S. territories including Florida, Georgia, Iowa, Michigan, Nebraska, North Dakota, Tennessee, Wisconsin, Puerto Rico and the U.S. Virgin Islands; most of Illinois and Minnesota; and a portion of Indiana.  ACG belongs to the national AAA federation with more than 58 million members in the United States and Canada and whose mission includes protecting and advancing freedom of mobility and improving traffic safety. Motorists can map a route, identify gas prices, find discounts, book a hotel, and access AAA roadside assistance with the AAA Mobile app for iPhone, iPad and Android. Learn more at AAA.com/mobile. AAA clubs can be visited on the Internet at AAA.com.

 

About The Auto Club Group
The Auto Club Group (ACG) is the second largest AAA club in North America. ACG and its affiliates provide membership, travel, insurance and financial services offerings to approximately 9 million members across 11 states and two U.S. territories including Florida, Georgia, Iowa, Michigan, Nebraska, North Dakota, Tennessee, Wisconsin, Puerto Rico and the U.S. Virgin Islands; most of Illinois and Minnesota; and a portion of Indiana. ACG belongs to the national AAA federation with nearly 55 million members in the United States and Canada and whose mission includes protecting and advancing freedom of mobility and improving traffic safety.

About Auto Club Group Traffic Safety Foundation
Established by AAA – The Auto Club Group in 2010, Auto Club Group Traffic Safety Foundation, Inc. (ACGTSF) is a 501(c)(3) non-profit organization and public charity dedicated to producing a significant and continuous reduction in traffic crashes, injuries and deaths in the communities targeted by its efforts. ACGTSF provides programs, education and outreach to increase public awareness about the importance of traffic safety and improve driving behavior. ACGTSF is funded by voluntary, tax-deductible contributions from organizations and individuals who support ACGTSF’s purpose.


< back

Related Assets 


Other articles in Fuel: