AAA MICHIGAN REPORTS: STATEWIDE AVERAGE DAILY GAS SLIPS SIX 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 SLIPS SIX CENTS
 
Dearborn, Michigan (July 8, 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 $2.92 per gallon, about 6 cents less than last week’s average and about 49 cents more than this same time last year. 
 
Compared to last week, Metro Detroit’s average daily gas price has decreased slightly. Metro Detroit’s current average is about $2.98 per gallon, about 1 cent less 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 Saginaw/Bay City/Midland area where it’s about $2.84 a gallon. The highest average price can be found in the Ann Arbor area for the tenth week in a row, where it’s about $3.02 a gallon. 
 
According to the latest reports from AAA:
 
State
Michigan ranked:

National

  • Robust gas demand has been pushing prices up.
  • Gas prices have seen a slight uptick after the Energy Information Administration’s report showed that demand for gasoline increased.
  • At 9.87 million b/d, demand grew by 137,000 b/d over the previous week’s rate.  
  • The rolling four-week average remains robust at 9.701 million b/d and represents a 1.2% increase when compared to last year.
  • Strong demand contributed to total gasoline stocks around the country falling by 1.5 million bbl to 239.7 million bbl. If demand continues to grow, motorists may see pump prices spike as the nation settles into summer.

 
 

 
Global

  • Crude prices have trended lower following EIA’s report that showed U.S. crude oil inventories increased.
  • This is the first time in three weeks the U.S. has seen a build in inventories, which typically see drawdowns throughout the summer.
  • Crude inventories in the U.S. are 85 million bbl lower than they were at this time last year.
  • The surprise build in total crude stocks gave market observers pause amid a slew of other factors influencing the oil market, including increasing geopolitical factors – in Iran, Libya, and Venezuela – potentially destabilizing global supply.
  • Market observers will be watching these factors to determine the impact on supply.
  • If it appears that supply could be reduced, prices may increase – supporting higher gas prices than last summer.
 

 


Regular Unleaded Gas
Current and Past Price Averages
Sunday Week Ago Year Ago
National 2.865 2.854 2.263
Michigan 2.929 2.995 2.433
Ann Arbor 3.022 3.063 2.458
Benton Harbor 2.925 2.983 2.392
Flint 2.860 2.996 2.455
Grand Rapids/Muskegon/Holland 2.857 2.987 2.465
Jackson 2.866 3.006 2.485
Lansing/E. Lansing 2.889 3.002 2.446
Marquette 2.967 2.874 2.223
Metro Detroit 2.988 3.006 2.384
Saginaw/Bay City/Midland 2.849 2.976 2.460
Traverse City 2.870 2.911 2.465
         

 
 
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 16, 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.