Michigan gas prices jump 26 cents, setting new 2024 high - and they could get even higher
DETROIT (FOX 2) - Michigan gas prices are the highest they have been this year after jumping 26 cents from this time last week.
According to data from AAA, drivers are paying an average of $3.26 per gallon for regular unleaded. A 15-gallon tank of gas is now $48, down about $10 from 2023's highest price last August.
The new average price is 32 cents more than this time last month but still 5 cents less than this time last year.
"Michigan motorists are seeing the highest gas prices so far this year," said Adrienne Woodland, spokesperson, AAA-The Auto Club Group. "If demand continues to increase, alongside higher crude oil prices, drivers could see pump prices continue to rise."
According to new data from the Energy Information Administration (EIA), gas demand increased from 8.14 to 8.81 million b/d. Meanwhile, total domestic gasoline stocks decreased by 3.1 million bbl to 251 million bbl. Higher gas demand due to better weather and tighter supply have contributed to elevated pump prices.
At the close of Wednesday’s formal trading session, WTI increased by 55 cents to settle at $73.86. Oil prices rose after the EIA reported that refinery oil processing was down slightly from 82.9 to 82.4 percent, signaling that winter maintenance increases ahead of the spring driving season continues. Additionally, the EIA reported that total domestic commercial crude stocks increased by 5.5 million bbl to 427.4 million bbl.
The continued shutdown of BP's 440,000 b/d Whiting, Indiana, refinery, which lost power on Feb. 2, is contributing to higher prices in the Midwest region. A BP spokeswoman on Thursday morning said the company is "making progress" in restoring the refinery to "normal operations." No timeline has been given on restoration.
Most expensive gas:
- Lansing ($3.28)
- Jackson ($3.28)
- Ann Arbor ($3.27)
Least expensive gas:
- Marquette ($3.19)
- Benton Harbor ($3.23)
- Traverse City ($3.25)