From Staff Reports
DEARBORN — After briefly dropping below the $4 a gallon barrier last week, Michigan’s average gasoline prices skyrocketed on Sunday.
The average price of a gallon of regular unleaded in the state soared 27 cents last week to $4.23, according to the weekly release from AAA — The Auto Club Group.
Sunday’s rate is 27 cents more than the $3.96 recorded on Oct. 30. Michigan’s average at this time in October was $4.34. The average price for a gallon of regular unleaded in November 2021 was $3.43.
The recent jump means Michigan motorists are paying an average of $63 for a full 15-gallon tank. The full-up price is about $12 more than it was when 2021 prices peaked in November.
The sliver of good news for the region is Traverse City posted the least expensive gasoline price averages in the state at $4.18. Ann Arbor and metro Detroit each posted averages of $4.20.
The state’s most expensive gas price averages were found in Saginaw ($4.27), Benton Harbor ($4.27) and Grand Rapids ($4.26).
“Michigan motorists are seeing much higher prices at the pump compared to this time last week,” Adrienne Woodland, spokesperson for AAA — The Auto Club Group, said in the release. “If supply remains tight alongside rising crude oil prices, gas prices could continue to increase.”
Gasoline demand dipped slightly last week, going from 8.93 million to 8.66 million barrels per day, according to the release, which cited new data from the Energy Information Administration. Total domestic gasoline stocks also decreased by 1.3 million barrels last week to 206.6 million, according to the release.
The “tighter supply and fluctuating oil prices have put upward pressure on gasoline prices,” the release said.
West Texas Intermediate increased the price of barrel of crude oil $1.63 to $90 at the close of Wednesday’s formal trading session, according to the release.
Crude prices rose after the EIA reported total domestic crude stocks declined by 3.1 million barrels. But “the price of oil faced strong headwinds earlier last week as ongoing market concerns regarding the likelihood of a recession increase,” the release said. “If economic growth stalls or reverses course, crude demand is likely to follow suit alongside prices.”
While Michigan’s gasoline price averages soared, the United States average was up just slightly. The national average climbed 4 cents a gallon to $3.80 on Sunday, according to the AAA release.
The national average for a gallon of regular unleaded at this time in October was $3.87. At this time in early November 2021, the average price of gasoline was $3.42.
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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