Gas prices rise slightly in Michigan
Prices could go higher
DEARBORN, Mich. – Gas prices increased slightly from last week, AAA Michigan reports.
Michigan's current statewide average is about $1.96 per gallon, about 3 cents more than last week's average and about $1.35 less than this same time last year.
This is the fourth week in a row that statewide average weekly gas prices have remained below $2.
The current Metro Detroit average is about $1.94 per gallon, about 6 cents more than last week and about $1.33 less than this same time last year.
This is the fourth week in a row that Metro Detroit gas prices have remained below $2.
Of the cities surveyed by AAA , the cheapest price for self-serve unleaded fuel can be found in the Marquette area, where it's about $1.91 a gallon.
The highest average gas price can be found in the Traverse City area where it's about $1.99 a gallon.
Seasonal demand and maintenance at refineries may result in a typical 30-50-cent increase in pump prices this spring.
These sustained lower prices would be a result of projected shifts in the balance between global oil supply and demand.
This shift has been keyed by increased crude oil production in the United States and Canada and was accelerated by OPEC's decision this fall to sustain production levels despite declines in the price of crude by electing to allow the market to self-regulate.
By not continuing its traditional role as a market stabilizer and adjusting production to sustain higher prices, OPEC has put pressure on high-cost, oil-production countries like the United States and Canada.
Both countries are reportedly starting to respond by easing domestic production forecasts and trimming operations and administrative costs.
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