AAA MICHIGAN REPORTS: STATEWIDE AVERAGE DAILY GAS PRICE DROPS ELEVEN CENTS
Dearborn, Michigan (June 3, 2018) -- AAA Michigan reports that compared to last week, the statewide average daily gas price has decreased for the first time in three weeks. Michigan’s current daily statewide average is about $2.99 per gallon, about 11 cents less than last week’s average and about 48 cents more than this same time last year.
Compared to last week, Metro Detroit’s average daily gas price has decreased for the first time in three weeks. Metro Detroit’s current average is about $3.04 per gallon, about 6 cents less than last week’s average and about 58 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 Grand Rapids/Muskegon/Holland area where it’s about $2.94 a gallon. The highest average price can be found in the Ann Arbor area for the fifth week in a row, where it’s about $3.05 a gallon.
According to the latest reports from AAA:
- 18th in the nation for most expensive average daily gas price
- 1st in the nation for the biggest change in average weekly gas price (-11)
- Plunging 1.7 million bbl, gasoline inventories in the Great Lakes and Central states sit at their lowest levels of the year (52.6 million bbl).
- According to EIA data, this past January was the last time the region saw inventories under 53 million bbl.
- When compared to prices at this time last year, increased crude prices and robust gasoline demand – among other factors – have helped push gas prices up.
- According to the Energy Information Administration’s (EIA) report, demand remained unchanged and gasoline inventories grew.
- Total gas stocks are running approximately 8.7 million bbl above the five-year average.
- Based on these trends, pump prices are likely to stabilize.
- Continued growth in crude production may help reduce crude prices as it signals that supply limitations may be easing, which have strengthened due to OPEC’s supply reduction agreement with its partners since the beginning of 2017, while global crude demand remains robust.
- OPEC’s supply reduction agreement, which includes production from Russia, is set to expire at the end of 2018.
- Member countries of OPEC and Russia have been discussing potentially easing the supply limits of the agreement ahead of its dissolution at the end of the year.
- If the cartel and its partners decide to increase crude output, they will likely announce the decision on June 22 at the next OPEC meeting in Vienna, Austria.
Regular Unleaded Gas
Current and Past Price Averages
|Sunday ||Week Ago ||Year Ago |
|National ||2.950 ||2.970 ||2.378 |
|Michigan ||2.997 ||3.111 ||2.514 |
|Ann Arbor ||3.052 ||3.149 ||2.507 |
|Benton Harbor ||3.037 ||3.096 ||2.500 |
|Flint ||2.946 ||3.112 ||2.540 |
|Grand Rapids/Muskegon/Holland ||2.943 ||3.119 ||2.558 |
|Jackson ||2.965 ||3.145 ||2.538 |
|Lansing/E. Lansing ||2.970 ||3.131 ||2.534 |
|Marquette ||2.975 ||3.001 ||2.223 |
|Metro Detroit ||3.043 ||3.104 ||2.456 |
|Saginaw/Bay City/Midland ||2.958 ||3.136 ||2.564 |
|Traverse City ||2.945 ||3.100 ||2.560 |
| || || || || |
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, June 10, 2018
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.