AAA MICHIGAN REPORTS:STATEWIDE AVERAGE DAILY GAS NUDGES UP NINE CENTS

 
GAS PRICE PRIMER
 
Increase
 
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 NUDGES UP NINE CENTS
  
Dearborn, Michigan (July 1, 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 $2.99 per gallon, about 9 cents more than last week’s average and about 69 cents more than this same time last year. 
 
Compared to last week, Metro Detroit’s average daily gas price has increased. Metro Detroit’s current average is about $3.00 per gallon, about 5 cents more than last week’s average and about 68 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 $2.87 a gallon. The highest average price can be found in the Ann Arbor area for the ninth week in a row, where it’s about $3.06 a gallon. 
 
According to the latest reports from AAA:
 
State
Michigan ranked:

National

  • Gas supply and demand in sync as pump prices mostly hold steady.
  • Gas prices around the country have mostly stabilized or declined slightly, showing that supply and demand are largely in sync.
  • Demand grew according to the Energy Information Administration's (EIA) petroleum report .
  • On the supply side, production grew marginally.
  • High production has enabled gasoline exports to grow significantly.
  •  If these trends continue, drivers can expect prices to continue to stabilize as the summer driving season zooms ahead.
 

 

 
Global

  • Unlike gasoline markets, the crude market has been more volatile.
  • Crude prices reached new highs not seen since 2014 following a number of developments that will impact supply in the coming months.
  • Factors affecting supply include OPEC confirming that it will work with its partners to produce a record high 11 million barrels per day of crude in July, the U.S. seeking greater crude oil sanctions on Iran, and the continuing economic crisis in Venezuela.
  • Crude prices spiked this week after EIA's current report revealed that for the first summer driving season in five years, the U.S. has seen the largest one-week reduction in domestic crude inventories.
  • When compared to this time last year, total crude inventories around the country are lower.
  • The market will watch supply and demand closely next month for indicators that increased crude production from OPEC and its partners has helped to meet growing global crude demand.
  • If it appears that supply remains tight amid high demand, prices may continue to climb.
 

 


Regular Unleaded Gas
Current and Past Price Averages
Sunday Week Ago Year Ago
National 2.854 2.850 2.235
Michigan 2.995 2.902 2.298
Ann Arbor 3.063 2,993 2.358
Benton Harbor 2.983 2.853 2.243
Flint 2.996 2.839 2.252
Grand Rapids/Muskegon/Holland 2.987 2.834 2.261
Jackson 3.006 2.896 2.283
Lansing/E. Lansing 3.002 2.896 2.275
Marquette 2.874 2.864 2.223
Metro Detroit 3.006 2.953 2.324
Saginaw/Bay City/Midland 2.976 2.890 2.273
Traverse City 2.911 2.754 2.293
         

 
 
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 8, 2018
 
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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.