Gasoline prices in Michigan rise 16 cents ahead of July 4th holiday
![Gasoline prices in Michigan rise 16 cents ahead of July 4th holiday Gasoline prices in Michigan rise 16 cents ahead of July 4th holiday](https://whmi.com/dbphotos/displaywidth/203ceddc90ab24460dcbe41d00076a9c/600/a.jpg)
July 1, 2024
![AAA: Michigan gasoline prices rise 16 cents ahead of July 4 holiday](https://www.whmi.com/dbphotos/displaywidth/203ceddc90ab24460dcbe41d00076a9c/600/a.jpg)
Nik Rajkovic / [email protected]
Gasoline prices in Michigan are up 16 cents from last week. Michigan drivers are now paying an average of $3.67 per gallon for regular unleaded gasoline. That’s 6 cents more than the same period last month and 11 cents more than the same period last year.
Drivers pay an average of $55 for a full tank (15 gallons) of gasoline, a discount of about $3 from the peak price last August 2023.
According to new data from the Energy Information Administration (EIA), gas demand fell by 9.38 million barrels per day to 8.96. This requirement is about 240,000 barrels per day less than the same week last year. At the same time, total domestic gasoline inventories rose to 233.9 million barrels from 231.2 million barrels.
At the end of the official trading session on Wednesday, the WTI price rose by seven cents to $80.90 per barrel, up from $78.50 two weeks earlier. The EIA reports that crude oil inventories increased by 3.6 million barrels compared to the previous week. At 460.7 million barrels, US crude oil inventories are only 2 percent below the five-year average for this time of year.
Roads are expected to be busy, as 2.3 million Michiganders are expected to hit the roads during the week of the Independence Day holiday. Drivers across the state will pay more for gas on July 4 than last year, when the state average was $3.52.
“Rising crude oil prices have led to higher gasoline prices across Michigan ahead of Independence Day,” said Adrienne Woodland, spokeswoman for AAA-The Auto Club Group. “Pump prices are likely to continue rising this week as a record number of motorists fill up for their holiday trips.”
Compared to last week, the average price of gasoline in Metro Detroit has increased. The current average in Metro Detroit is $3.59 per gallon, about 5 cents more than last week’s average and exactly the same price as this time last year.
Click here to view AAA average gas prices for states and cities.
· Highest average gas prices: Jackson ($3.75), Grand Rapids ($3.74), Lansing ($3.74)
Cheapest average gas price: Marquette ($3.53), Metro Detroit ($3.59), Benton Harbor ($3.69)