January 29, 2017|
AAA MICHIGAN REPORTS: GAS PRICE DROPS NINE CENTS
Dearborn, Michigan (January 29, 2017) — AAA Michigan reports that the statewide average daily gas price decreased about 9 cents. Michigan’s current statewide average decreased for the third consecutive week and is about $2.19 per gallon, about 9 cents less than last week’s average and about 50 cents more than this same time last year.
Mirroring the statewide averages, Metro Detroit’s average daily gas price decreased about 9 cents. Metro Detroit’s current average is about $2.20 per gallon, about 9 cents less than last week’s average and about 55 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 for the fourth week in row, where it’s about $2.05 a gallon. The highest average price can be found in the Marquette area for the third week in a row where it’s about $2.48 a gallon.
According to the latest reports from AAA:
- Michigan ranked:
- < >in the nation for least expensive average daily gas price.< > in the nation for biggest weekly change (-09 cents)< >in the nation for biggest monthly change (-17 cents)Drivers in the Great Lakes region continue to see impressive discounts.
- The most recent Energy Information Administration (EIA) report shows that Midwest storage levels increased by 1 million-bbl over the past week, to a total of 53 million bbl.
- Storage increases paired with a drop in demand this month likely attributed to regional and national price declines.
- Markets recently closed posting crude oil losses amid reports of increased U.S. oil production.
- Oil-services firm Baker Hughes reported that drillers added 15 rigs in the U.S. bringing the total crude oil rig count to 556, the highest since November 2015.
- The increased U.S. production continues to dilute OPEC’s efforts to rebalance the global oil market.
- At the recent OPEC meeting, energy ministers announced that the cartel has successfully limited oil output in an effort to reduce oversupply and support crude oil prices.
- At the meeting, OPEC announced that participating countries had already cut production by 1.5 million barrels per day.
- Eleven of OPEC's 13 members along with 11 non-OPEC countries struck an agreement last November to cut production collectively by 1.8 million barrels per day for the first six months of 2017.
- Participating members also agreed to create a joint technical committee (JTC) to work with the OPEC Secretariat in assembling a production data report that will be released the 17th of every month.
- The JTC will meet again on March 17 in Kuwait.
- Traders will keep a close eye on how OPEC output cuts and increased U.S. production impact the market moving forward.
Regular Unleaded Gas
Current and Past Price Averages
|Sunday ||Week Ago ||Year Ago |
|National ||2.277 ||2.313 ||1.813 |
|Michigan ||2.199 ||2.295 ||1.697 |
|Ann Arbor ||2.234 ||2.329 ||1.706 |
|Benton Harbor ||2.109 ||2.195 ||1.698 |
|Detroit ||2.203 ||2.296 ||1.646 |
|Flint ||2.056 ||2.161 ||1.723 |
|Grand Rapids/Muskegon/Holland ||2.160 ||2.267 ||1.744 |
|Jackson ||2.272 ||2.371 ||1.745 |
|Lansing/E. Lansing ||2.106 ||2.253 ||1.742 |
|Marquette ||2.482 ||2.488 ||1.695 |
|Saginaw/Bay City/Midland ||2.173 ||2.281 ||1.730 |
|Traverse City ||2.261 ||2.317 ||1.667 |
| || || || || |
AAA surveys 2,800 Michigan gas stations daily.
The next Gas Price Primer will be emailed on Sunday, February 5, 2017
AAA in Michigan celebrated its 100th Anniversary - A Century of Service last year and has over 1.4 million members across the state. It is part of The Auto Club Group (ACG), the second largest AAA club in North America. ACG and its affiliates provide membership, travel, insurance and financial services offerings to more than 9 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 56 million members in the United States and Canada and whose mission includes protecting and advancing freedom of mobility and improving traffic safety. Motorists can find current gas prices, map a route, find discounts, book a hotel and access AAA roadside assistance with the free AAA app for iPhone, iPad and Android at AAA.com/mobile. Connect with us on Facebook and LinkedIn.
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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