DEARBORN, Mich. – The average price of gas in Michigan increased about 8 cents following the holiday weekend, according to a AAA report published Wednesday.
Michigan's current daily statewide average is about $2.59 per gallon. This is about 8 cents more than last week's average and about 21 cents more than the same time last year, according to AAA.
Metro Detroit's daily average increased about 10 cents from last week to about $2.62 per gallon. This is 22 cents more than the same time last year, according to AAA.
AAA surveyed ten Michigan metro areas and found the lowest average price in the Saginaw area at about $2.54 per gallon. The highest average price was found in the Ann Arbor area at about $2.64 per gallon.
According to the latest reports from AAA:
• Ranked 11th in the nation for most expensive average daily gas price.
• Ranked 3rd in the nation for biggest change in weekly average daily gas price (+8 cents).
• Throughout the year, the region has seen some of the most volatile price changes – take large jumps and declines from week to week.
• Gasoline inventories had a small decline of 26,000 bbl.
• At 47.8 million bbl, inventories are at a 3.3 million bbl deficit compared to this time last year.
• Heading into the final week of the year, the national average price for a gallon of gasoline increased.
• As more drivers hit the road for the holidays, the increase in driving demand is likely the cause for increases in some states.
• Despite the incremental jump, motorists in 33 states are paying less on the week – as much as nine cents.
• The price of oil took a slight hit last week after EIA’s weekly report revealed another record for U.S. crude production, which stands at 9.789 million b/d.
• Crude oil inventories declined by 6.5 million bbl, driven mostly by high crude processing rates at refineries across the country.
• Gross crude inputs for this month have been running consistently above 17 million b/d, which has never happened before 2017.
• As the year draws to a close, market observers will watch this week’s data from EIA to see if high gasoline demand eats away at crude inventories, or if high levels of domestic crude production will build inventories despite high gasoline demand.