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April 22, 2018
AAA MICHIGAN REPORTS: STATEWIDE AVERAGE DAILY GAS PRICE NUDGES UP NINE CENTS

 
Dearborn, Michigan (April 22, 2018) -- AAA Michigan reports that the statewide average daily gas price increased about nine cents from last week. Michigan’s current daily statewide average is about $2.88 per gallon, about nine cents more than last week’s average and about 34 cents more than this same time last year.  The statewide daily average has not been this high since 2015.
 
Metro Detroit’s average daily gas increased about eight cents from last week. Metro Detroit’s current average is about $2.86 per gallon, about eight cents more than last week’s average and about 37 cents more than this same time last year. Metro Detroit’s daily average has not been this high since 2015.
 
Of the ten Michigan metro areas surveyed by AAA for self-serve unleaded fuel prices, the lowest average price can be found in the Marquette area for the second week in row, where it’s about $2.74 a gallon. The highest average price can be found in the Jackson area for the third week in a row, where it’s about $2.92 a gallon. 
 
According to the latest reports from AAA:
 
State
Michigan ranked:
  • < >in the nation for most expensive average daily gas price< >in the nation for the biggest change in average weekly gas price (+9 cents)< >in the nation for the biggest change in average monthly gas price (+27 cents)Gas prices are more expensive across all states in the Great Lakes and Central region.
  • Gasoline inventories remained relatively stable in the Great Lakes and Central region.
  • Inventories dropped by 26,000 bbl.
  • This marks the fifth week of inventory declines. However, at 58 million bbl in total, inventories are 2 million bbl stronger than early April 2017.
     
National

  • Pump prices are spiking as gas demand reaches new heights.
  • Gasoline demand reached a record high, according to the Energy Information Administration’s (EIA) weekly petroleum status report.
  • The rate is the highest mid-April weekly estimate on record and is the highest so far this year.
  • EIA’s record-breaking demand measurement is likely the result of more drivers hitting the nation’s roads as warmer weather starts to spread across the country.
  • Amid high demand, gasoline stockpiles dropped by nearly 3 million bbl last week.
  • Declining gas stocks and high demand led to this week’s price spike at the pump.
  • As this trend continues, drivers are likely to see pump prices continue to climb as the country settles into spring.
 

 
 
Global

  • After a volatile market reaction due to President Trump’s tweet that criticized OPEC’s efforts to restrict global crude supply and raise the price per barrel, crude prices roared past $68/bbl.
  • WTI prices have not been this high since December 2014.
  • The jump in price per barrel occurred after EIA’s report revealed that crude inventories across the country dropped.
  • They now sit at levels lower than their level in mid-April 2017.
  • The year-over-year decline has occurred as a result of OPEC’s agreement with large non-OPEC producers to reduce crude production since January 2017.
  • The agreement is supposed to remain in effect until the end of 2018.
  • However, Russian Energy Minister Alexander Novak said that producers in the agreement may begin easing output curbs sooner because the agreement has cleared out the glut of crude that the producers aimed to reduce.
  • Saudi Arabia, a leading member of the cartel, is likely to push back on any efforts to end the production reduction agreement prior to the end of the year because WTI prices could reach $80-$100 by that time.
  • Representatives from both countries are likely to discuss the matter at OPEC’s upcoming meeting in Vienna, Austria on June 20 & 21.

 


Regular Unleaded Gas
Current and Past Price Averages
Sunday Week Ago Year Ago
National 2.761 2.711 2.419
Michigan 2.882 2.785 2.533
Ann Arbor 2.908 2.808 2.539
Benton Harbor 2.865 2.788 2.525
Flint 2.896 2.777 2.546
Grand Rapids/Muskegon/Holland 2.913 2.800 2.562
Jackson 2.928 2.772 2.583
Lansing/E. Lansing 2.907 2.788 2.560
Marquette 2.748 2.699 2.223
Metro Detroit 2.864 2.776 2.490
Saginaw/Bay City/Midland 2.921 2.798 2.546
Traverse City 2.880 2.774 2.520
         

 
 
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, April 29, 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.


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