AAA Michigan gas report March 29, 2021: Prices decline 4 cents

97 cents more than this time last year

Gas pump (Pixabay)

Gas prices in Michigan dropped 4 cents compared to a week ago, AAA Michigan reports Monday.

Michigan drivers are now paying an average of $2.71 per gallon for regular unleaded. This price is 5 cents less than this time last month but still 97 cents more than this time last year.

  • Most expensive gas price averages: Marquette ($2.85), Metro Detroit ($2.73), Jackson ($2.73)
  • Least expensive gas price averages: Benton Harbor ($2.61), Lansing  ($2.64), Traverse City ($2.64)

More from AAA on Monday morning:

Growing stock levels have helped to put downward pressure on pump prices, increasing slightly from 232.1 million bbl to 232.3 million bbl last week, according to the latest weekly report from the Energy Information Administration (EIA). The national average decreased despite rising gas demand, which increased from 8.44 million b/d to 8.62 million b/d.

At the close of Thursday’s formal trading session, WTI decreased by $2.62 to settle at $58.56. Crude prices have decreased due to continuing market concern that crude demand will drop as Europe increases restrictions to curb growing coronavirus infection rates. The decrease in crude prices has also been supported by EIA reporting that total domestic crude inventories increased by 1.9 million bbl to 502.7 million bbl.

“If total domestic stocks of gas continue to increase, and demand does not spike, drivers can expect prices to remain stable through the week,” said Adrienne Woodland, spokesperson, AAA-The Auto Club Group.

SundaySaturdayWeek AgoMonth AgoOne Year Ago2019 Low2019 HighRecord High
National$2.86$2.86$2.88$2.72$2.03$2.23 (Jan. 9)$2.90 (May 3)$4.11 (July 2008)
Michigan$2.71$2.70$2.75$2.76$1.74$2.02 (Jan. 2)$2.95 (July 13)$4.26 (May 2011)
Detroit$2.73$2.72$2.74$2.75$1.74$2.03 (Jan. 9)$2.95 (July 13)$4.24 (May 2011)