Michigan Gas Prices Surge 28 Cents in One Week

The Michigan state average for regular unleaded rose to $4.31 per gallon. This represents a 28-cent increase from the previous week. Drivers are now paying $1.04 more than they did at this time last year. The cost for a full 15-gallon tank stands at $65. This is a $14 increase from the highest price recorded last August.

National supply and demand shifts

Gasoline demand fell to 8.55 million barrels per day. This is down from 8.92 million barrels per day. Total domestic supply increased to 206.9 million barrels. Production output dropped to 9.3 million barrels per day. U.S. crude oil inventories decreased by 0.4 million barrels. The stockpile now sits at 424.1 million barrels.

Regional price variations persist

Metro Detroit drivers pay an average of $4.30 per gallon. This is 19 cents higher than the prior week. The region is also 1.12 dollars above last year's rate. Ann Arbor reports the highest local average at $4.35. Traverse City records the lowest average at $4.22. AAA-The Auto Club Group notes these levels match early August peaks.

Crude oil market settlement

WTI crude settled at $100.05 per barrel. The price fell $2.43 during the Friday trading session. Current crude levels match the five-year average. GN auto markets/energy: gasoline prices data confirms the volatility in global oil markets. Drivers face immediate cost impacts from these shifts.