Michigan gas prices up 15 cents from last week

DETROIT (FOX 2) - Gas price averages are rising in Michigan.

The average price of a gallon of unleaded gas is now $2.96, up 15 cents from this time a week ago, according to AAA.

Still, this price is 6 cents less than this time last month and 34 cents less than this time last year. Drivers are paying an average of $44 for a full 15-gallon tank of gasoline; a discount of about $14 from 2023's highest price last August.

Compared to last week, Metro Detroit’s average gas price increased about 9 cents from last week. A gallon is now an average of $2.97. This is 37 cents less than this same time last year.

"Michigan drivers are seeing the first gas price increases in 2024," said Adrienne Woodland, spokesperson, AAA-The Auto Club Group. "If demand continues to increase, alongside fluctuating crude oil prices, Michigan motorists could see pump prices rise further."

According to new data from the Energy Information Administration (EIA), gas demand increased from 7.95 to 8.33 million b/d. Meanwhile, total domestic gasoline stocks increased significantly by 8 million bbl to 245 million bbl. The slight uptick in demand has limited pump price drops, causing the national average to stagnate.

At the close of Wednesday’s formal trading session, WTI decreased by 87 cents to settle at $71.37. Oil prices eased after the EIA reported that total domestic commercial crude stocks increased by 1.3 million bbl to 432.4 million bbl. Rising stocks signal that demand could be softening, helping to push prices down as the nation settles into winter, AAA said.