Monday, January 27, 2020

Gas prices continue to fall across Michigan

Gas station at night | Photo by Sergio Souza/Pexels
Gas prices in the Great Lakes State are down 8 cents compared to a week ago, according to a report out this morning from AAA of Michigan. Drivers are now paying an average of $2.40 per gallon for regular unleaded. This price is 6 cents less than this time last month and 23 cents more than this time last year.

Motorists are paying an average of $36 for a full 15-gallon tank of gasoline. This is a discount of $8 from when prices were their highest in Michigan last July.

In its latest weekly report, the Energy Information Administration revealed that total domestic stocks of gasoline continue to grow. According to EIA’s data, stocks grew by 1.7 million bbl last week, bringing the current total to 260 million barrels. This current level is in line with the level seen in mid-January 2019. For gasoline demand, EIA estimates that it grew slightly from 8.56 million b/d to 8.66 million b/d last week, but the current demand level is lower than last year’s 8.87 million b/d at this same time.

"Increase stocks and low demand have helped push pump prices lower," said Howard Hughey, spokesperson, AAA - The Auto Club Group. "As these trends continue, motorists will likely see pump prices decline through the week."

Compared to last week, Metro Detroit’s average daily gas price decreased. Metro Detroit’s current average is $2.47 per gallon, about 5 cents less than last week’s average and about 34 cents more than this same time last year.

Fuel prices in the Warrendale neighborhood are a bit higher than local averages with the cheapest gas being Marathon (18142 W. Warren Ave) at $2.54 per gallon. Although, I expect that to fall soon to bring them closer to what other stations in the area are charging.

The most expensive gas price averages in Michigan are Ann Arbor with an average of $2.49, Metro Detroit with an average of $2.47, and Marquette at $2.43. The cheapest gas price averages in the state are Saginaw with an average per gallon prices of only $2.29, Grand Rapids  with an average of $2.30,  and Traverse City at $2.32.

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