Michigan gas prices set new 2024 record over the weekend
DETROIT (FOX 2) - Michigan gas price averages over the weekend were the highest they have been this year.
According to AAA, a gallon of unleaded gas cost an average of $3.57 on Saturday. The previous record-high price, $3.45, was set last week before the weekend jump.
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Saturday's high fell one cent to an average of $3.56 ahead of Monday's data release. The price is 11 cents more than this time a week ago, 31 cents more than this time a month ago, and 1 cent more than a year ago.
The average price to fill a 15-gallon tank is currently about $53, down $5 from 2023's high price in August, AAA said.
"Michigan drivers across the state continue to see higher prices at the pump," said Adrienne Woodland, spokesperson, AAA-The Auto Club Group. "If crude oil prices continue to rise, gas prices will likely follow suit."
At the close of Wednesday’s formal trading session, WTI increased by 98 cents to settle at $79.13. Oil prices rose amid increased market optimism after U.S. Federal Reserve Chair Jerome Powell noted that interest rates are still expected to be cut later this year. Moreover, the EIA reported that total domestic commercial crude stocks increased by 1.3 million bbl to 448.5 million bbl.
Earlier last week, the Organization of Petroleum Exporting Countries and its allies, including Russia, collectively known as OPEC+, extended their agreement to reduce production by 2.2 million barrels per day into the second quarter of 2024.
Most expensive gas price averages:
- Lansing ($3.63)
- Grand Rapids ($3.63)
- Saginaw ($3.60)
Least expensive gas price averages:
- Metro Detroit ($3.48)
- Marquette ($3.49)
- Traverse City ($3.52)