State gas price average spikes, up 12 cents from a week ago

DEARBORN, Mich. (WLUC) - Michigan drivers will see a higher gas price this week, as the state gas price average is up 12 cents from a week ago.

According to AAA of Michigan, drivers across the state are now paying an average of $3.38 per gallon for regular unleaded gas. This price is 9 cents less than this time last month and 30 cents less than this time last year. The national average now sits 11 cents lower than the state, at $3.21 per gallon.

Motorists are paying an average of $50 for a full 15-gallon tank of gas; a discount of about $8 from 2023′s highest price last August.

According to new data from the Energy Information Administration (EIA), gas demand increased slightly from 8.47 million b/d to 8.77. Meanwhile, total domestic gasoline stocks remained flat at 221.6 million barrels, while gasoline production increased, averaging 9.7 million barrels per day.

At the close of Wednesday's formal trading session, WTI fell by 28 cents to settle at $70.91 a barrel. The EIA reports that crude oil inventories decreased by 1.6 million barrels from the previous week. At 417.5 million barrels, U.S. crude oil inventories are about 4% below the five-year average for this time of year.

"Drivers across Michigan are seeing higher prices at the pump," said Adrienne Woodland, spokesperson, AAA-The Auto Club Group. "If demand drops, we could see gas prices follow suit."

Around the Upper Peninsula, the lowest average is in Menominee County at $3.11 per gallon. The highest is in Mackinac County at $3.80 per gallon.