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June 24, 2018
AAA MICHIGAN REPORTS: STATEWIDE AVERAGE DAILY GAS TUMBLES THIRTEEN CENTS
 
GAS PRICE PRIMER
 

 
AAA – The Auto Club Group
Susan Hiltz, Public Affairs Director, Michigan
C: 586.940.0278  slhiltz@aaamichigan.com
 
AAA MICHIGAN REPORTS: STATEWIDE AVERAGE DAILY GAS TUMBLES THIRTEEN CENTS
 
Dearborn, Michigan (June 24, 2018) -- AAA Michigan reports that compared to last week, the statewide average daily gas price has decreased. Michigan’s current daily statewide average is about $2.90 per gallon, about 13 cents less than last week’s average and about 53 cents more than this same time last year. 
 
Compared to last week, Metro Detroit’s average daily gas price has decreased. Metro Detroit’s current average is about $2.95 per gallon, about 8 cents less than last week’s average and about 61 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 Traverse City area where it’s about $2.75 a gallon. The highest average price can be found in the Ann Arbor area for the eighth week in a row, where it’s about $2.99 a gallon. 
 
According to the latest reports from AAA:
 
State
Michigan ranked:
  • 21st  in the nation for most expensive average daily gas price
  • 2nd in the nation for biggest change in average daily gas price compared to last week. (-13)
  • 4th in the nation for biggest change in average daily gas price compared to last month. (-22)
     
    Regional
  • Finding cheaper gas prices at the pump continues for the bulk of motorists in the Great Lakes and Central states.
  • Inventory levels bumped up slightly by 300,000 bbl on the week.
  • Levels sit at the 52.5 million mark according to EIA.
National

  • Falling gas demand in helping pull prices lower.
  • The national average has consistently been falling, giving drivers much needed relief at the pump.
  • The price drops have been supported by soft demand, according to the Energy Information Administration (EIA).
  • EIA estimates that demand declined by 533,000 b/d.
  • If demand remains tepid while gasoline stocks continue to grow, drivers may see pump prices continue to slide.
 

 

 
Global

  • Following the OPEC meeting in Vienna, Austria, the cartel announced a crude production increase of 1 million b/d.
  • That number may be revised closer to 600,000 b/d as there is speculation that some producers, like Libya, Venezuela and Iran, will not be able to meet increase quotas.
  • The increase will occur ahead of this December’s expected dissolution of OPEC's production reduction agreement, which has worked to reduce global oil supplies and increase the global price of crude since the beginning of 2017.
  • With the increase in production, crude oil prices are expected to decrease and in turn lower pump prices.

 
 

  • It is yet to be determined whether or not the increases in production will be enough to dramatically reduce gasoline prices. In the U.S., pump prices will not immediately be impacted.

  • Ahead of the OPEC meetings the U.S., China and India asked OPEC to consider increasing output to prevent an oil deficit that could stifle economic growth in the latter half of 2018.
  • Factors that could contribute to a deficit include U.S. sanctions on Iran’s oil industry and economic woes in Venezuela.
 

 


Regular Unleaded Gas
Current and Past Price Averages
Sunday Week Ago Year Ago
National 2.850 2.898 2.270
Michigan 2.902 3.036 2.365
Ann Arbor 2,993 3.082 2.390
Benton Harbor 2.853 3.014 2.330
Flint 2.839 3.042 2.379
Grand Rapids/Muskegon/Holland 2.834 3.045 2.375
Jackson 2.896 3.067 2.362
Lansing/E. Lansing 2.896 3.063 2.367
Marquette 2.864 2.911 2.223
Metro Detroit 2.953 3.038 2.343
Saginaw/Bay City/Midland 2.890 3.069 2.384
Traverse City 2.754 2.961 2.366
         

 
 
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, July 1, 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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