Michigan gas prices increase to 2024 high
DETROIT (FOX 2) - Michigan gas price averages are at a 2024 high after jumping 20 cents from last week.
According to AAA, a gallon of regular unleaded gas is now an average of $3.45, which is 45 cents more than this time last month and 4 cents more than this time last year. At this price, drivers are paying about $51 for a full 15-gallon tank, down about $7 from 2023's highest price last August.
Demand and lower supply are to blame for the prices, AAA said.
"Michigan motorists are seeing the highest gas prices since October 2023," said Adrienne Woodland, spokesperson, AAA-The Auto Club Group. "If demand continues to grow alongside tighter supply, pump prices may continue to increase."
At the close of Wednesday’s formal trading session, WTI decreased by 33 cents to settle at $78.54. Oil prices fell after the EIA’s weekly report showed that total domestic commercial crude stocks increased by 4.2 million bbl to 447.2 million bbl. The supply increase could signal that crude demand is loosening, contributing to a reduction in oil prices.
Most expensive gas price averages
- Jackson ($3.48)
- Benton Harbor ($3.47)
- Ann Arbor ($3.47)
Least expensive gas price averages
- Marquette ($3.29)
- Traverse City ($3.44)
- Metro Detroit ($3.44)