Michigan motorists are still seeing the highest prices heading into Thanksgiving since 2012.
Gas prices in Michigan decreased 5 cents compared to a week ago. Michigan drivers are now paying an average of $3.35 per gallon for regular unleaded. This price is 6 cents more than this time last month and $1.35 more than this time last year.
Motorists are paying an average of $50 for a full 15-gallon tank of gasoline; an increase of about $11 from when prices were their highest last January.
According to new data from the Energy Information Administration (EIA), total domestic gasoline stocks decreased by 700,000 bbl to 212 million bbl. Gasoline demand also dropped slightly from 9.26 million b/d to 9.24 million b/d. With 1.4 million Michigan residents expected to hit the road this Thanksgiving, drivers will be faced with busy roadways and some of the highest Thanksgiving week gas prices since 2012.
“After such an unusual holiday travel year in 2020, it appears that higher gas prices will not be enough to deter Michigan residents from returning to the road for the holidays,” said Adrienne Woodland, spokeswoman, AAA – The Auto Club Group. “Travelers will likely budget more for gasoline and less on things like shopping, lodging and dining out.”
At the close of Thursday’s formal trading session, WTI increased by 65 cents to settle at $79.01. Crude prices have increased after the EIA’s weekly report showed that total domestic crude supply decreased by 2.1 million bbl to 433 million bbl. However, crude prices declined earlier last week amid reports that President Biden asked the U.S. Federal Trade Commission (FTC) to probe if illegal conduct is causing the high prices of gasoline at the pump, citing evidence of anti-consumer behavior by oil and gas companies and declining operating costs. The request does not include a deadline or timeline for an investigation, but any action by the FTC is unlikely to yield immediate price relief for drivers.
“The decrease in demand, alongside stocks, has helped to lower pump prices heading into the holiday week. However, gasoline prices will likely remain elevated as long as oil prices are near $80 per barrel,” added Woodland.
Compared to last week, Metro Detroit’s average daily gas price decreased slightly. Metro Detroit’s current average is $3.37 per gallon. This price is 1 cent less than last week’s average but still $1.36 more than this same time last year.
- Most expensive gas price averages: Marquette ($3.41), Ann Arbor ($3.40), Traverse City ($3.40)
- Least expensive gas price averages: Grand Rapids ($3.31), Flint ($3.32), Lansing ($3.35)