As many Michigan drivers have noticed, the price to fill up the tank has experienced an uptick. According to The Detroit News, the average price for a gallon of regular unleaded gas now sits at $3.23, marking an eight-cent increase from last week. Still, compared to 2024, prices are currently lower by 56 cents.
This cost shift comes amidst fluctuating oil prices, with some areas of the state experiencing more significant changes. As reported by Upper Michigan's Source, these climbing prices have pushed Michigan’s average above the national average by eight cents. The national average currently stands at $3.15. It seems drivers are still reeling from the record prices of 2024, as they now pay about $9 less for a full 15-gallon tank compared to July of the prior year.
Nearing the close of trading on Wednesday, West Texas Intermediate crude oil slipped by a mere six cents to settle at $65.25 a barrel, as documented by the Energy Information Administration (EIA). Detailed in a release per Upper Michigan's Source, the EIA also noted a decrease in crude oil inventories by 3.2 million barrels from the previous week.
In the span stretching across the state, the divergence in gas prices remains evident. With some counties like Menominee County seeing averages as low as $2.96 per gallon, while others like Mackinac County peaking at $3.46. Patrick De Haan, head of petroleum analysis at GasBuddy, indicated in a release, "With gasoline demand starting to ease as we head into August, we could see prices gradually decline as we approach Labor Day." While optimism for a decrease in prices exists, De Haan also noted, "we’ll be keeping a close eye on hurricane activity that could disrupt supply and shift the outlook," as quoted by The Detroit News.
Adrienne Woodland, a spokesperson for AAA, told Upper Michigan's Source, "Many drivers across Michigan are seeing higher prices at the pump compared to last week." Woodland added that if demand drops in conjunction with increasing stocks, "gas prices could reverse course."
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