AAA MICHIGAN REPORTS: STATEWIDE AVERAGE DAILY GAS PRICE TICKS UP TEN CENTS
Dearborn, Michigan (May 28, 2018) -- AAA Michigan reports that compared to last week, the statewide average daily gas price has increased. Michigan’s current daily statewide average is about $3.10 per gallon, about 10 cents more than last week’s average and about 66 cents more than this same time last year.
The Memorial Day statewide average gas price has not been this high since
2014 when it was $3.82.
Compared to last week, Metro Detroit’s average daily gas price has increased. Metro Detroit’s current average is about $3.09 per gallon, about 8 cents more than last week’s average and about 65 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 Marquette area, where it’s about $3.00 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 $3.14 a gallon.
According to the latest reports from AAA:
- < >in the nation for most expensive average daily gas price< >in the nation for the biggest change in average gas price compared to a week ago (+10 cents)< >in the nation for biggest change in average gas price compared to a month ago (+29 cents)Gasoline inventories have been declining week-over-week for two months.
- However, with the latest draw (1.6 million bbl), gasoline inventories measure at 54 million bbl, which is about one million more than this time last year.
- Rising crude oil costs, switchover to more-expensive-to-produce gasoline by the federal deadline on June 1, tighter supplies and robust gasoline demand continue to help lift pump prices across the nation.
- According to the latest report from the Energy Information Administration (EIA), gasoline stocks grew by 1.9 million bbl from the previous week.
- EIA estimates that demand for gasoline hit close to 9.7 million b/d – growing by 158,000 b/d over the previous week.
- These combined trends, along with increased crude prices, will put pump prices at their highest levels for Memorial Day weekend since 2014.
- Drivers are likely to see prices continue to increase.
- Last week, a decrease in crude exports, an increase in imports and record-breaking crude production contributed to the inventory growth.
- The news was a surprise to the market, which expected to see inventories decline in the run-up to Memorial Day weekend.
- If the trend continues in the weeks to come, crude prices may edge lower.
- Additionally, crude prices fell after it was reported that the energy ministers from Russia, Saudi Arabia and the United Arab Emirates met in St. Petersburg this week to review the status of their global oil supply reduction agreement, which has helped to decrease global oil supplies and raise prices since the beginning of 2017.
- The pact is scheduled to dissolve at the end of 2018, but the countries met to discuss increasing output by about 1 million b/d ahead of schedule in order to ease continued crude price growth as economic turmoil in Venezuela and renewed U.S. imposed sanctions on Iran could further reduce global supply.
- If OPEC and its partners announce a supply increase, it will likely occur at the next OPEC meeting on June 22 in Vienna, Austria.
Regular Unleaded Gas
Current and Past Price Averages
|Monday ||Week Ago ||Year Ago |
|National ||2.970 ||2.927 ||2.371 |
|Michigan ||3.100 ||2.997 ||2.435 |
|Ann Arbor ||3.147 ||3.043 ||2.476 |
|Benton Harbor ||3.091 ||2.992 ||2.381 |
|Flint ||3.093 ||2.991 ||2.396 |
|Grand Rapids/Muskegon/Holland ||3.099 ||2.957 ||2.413 |
|Jackson ||3.133 ||3.009 ||2.468 |
|Lansing/E. Lansing ||3.111 ||2.991 ||2.406 |
|Marquette ||3.001 ||2.998 ||2.223 |
|Metro Detroit ||3.098 ||3.016 ||2.442 |
|Saginaw/Bay City/Midland ||3.119 ||2.996 ||2.417 |
|Traverse City ||3.078 ||2.903 ||2.414 |
| || || || || |
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 3, 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.