DEARBORN – A 2-cent decrease in Michigan’s average gasoline prices on Feb. 13 was wiped out by a 2 cent increase on Sunday, according to the weekly report from AAA – The Auto Club Group.
The price for a gallon of regular unleaded was $3.37 in the state, according to the weekly release. The average price was up 2 cents from last week and marked an increase of 14 cents from the $3.23 average at this time in January.
The state average was $2.64 at this time in February 2021.
Michigan motorists are paying an average of $50 for a full 15-gallon tank of gasoline. The fill-up price is about $1 less than when gasoline prices were at their highest point in November 2021.
Elevated crude oil prices continue to push pump prices higher, according to the release.
Total domestic gasoline stocks decreased from 1.3 million barrels to 247.1 million barrels, according to data from the Energy Information Administration. Gasoline demand also decreased from 9.13 million barrels per day to 8.57 million barrels per day.
West Texas Intermediate decreased the price for crude oil $1.90 at the close of Thursday’s formal trading session. But the price of $91.76 is still elevated.
“Although crude prices slipped due to increased market expectations that more oil could enter the global market if the US and Iran complete a new nuclear agreement, and sanctions are lifted, the tension between Russia and Ukraine contributed to rising oil prices earlier last week,” the release said. “Russia is a member of OPEC+, and any sanctions based on their actions toward Ukraine may cause it to withhold crude oil from the global market.”
The EIA also reported that total domestic crude stocks increased by 1.1 million barrels to 411.5 million. The current stock level is about 11 percent lower than it was in mid-February 2021, also contributing to pressure on domestic crude prices.
“Despite a decrease in demand, higher crude oil prices helped put pressure on Michigan pump prices pushing them slightly higher,” Adrienne Woodland, spokesperson for AAA — The Auto Club Group, said in the release. “As crude prices continue to climb, pump prices will likely follow suit.”
Traverse City’s average gas prices were $3.34 a gallon. TC was tied for the lease expensive gasoline price average in Michigan with Jackson and Grand Rapids.
The state’s most expensive gas price averages were found in Marquette ($3.47), metro Detroit ($3.40) and Ann Arbor ($3.37).
The national gas price average on Sunday was $3.53, according to the release. The national average was up 4 cents from a week ago and 21 cents higher than this time last month.
The national average at this time in February 2021 was $2.62.
Daily state and national gas price averages can be found at Gasprices.aaa.com or by downloading the free AAA mobile app.
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