Gas prices in Michigan are up 9 cents from a week ago. Michigan drivers are now paying an average of $3.65 per gallon for regular unleaded, which is a new 2024-high. This price is 44 cents more than this time last month and 18 cents more than this time last year.
Motorists are paying an average of $54 for a full 15-gallon tank of gasoline; a discount of about $4 from 2023’s highest price last August, according to Michigan AAA.
Locally, as of Monday afternoon gas prices in the Twin Cities area were mostly in the $3.69 range, according to Gas Buddy. So the Benton Harbor market may have moderated slightly from the statewide AAA tracking, usually measured just before the weekend.
According to new data from the Energy Information Administration (EIA), gas demand increased slightly from 9.01 to 9.04 million b/d. Meanwhile, total domestic gasoline stocks dropped by 5.6 million bbl to 234.1 million bbl. Higher gas demand, amid tightening supply, has pushed the national average higher.
Oil prices are said to have jumped after Ukrainian drones hit Russian refineries. The extent of the damage is unclear, but repairs could curtail Russian petroleum product exports, including diesel, and lead it to import products it needs. Additionally, the EIA reported that total domestic commercial crude stocks decreased by 1.5 million bbl to 447 million bbl.
“Michigan motorists continue to see higher prices at the pump, with the state average reaching a new 2024-high,” said Adrienne Woodland, spokesperson, AAA-The Auto Club Group. “If demand continues to increase, alongside tight supply, gas prices will likely follow suit.”
