Possible 10-15 Cent Increase
Dearborn, Michigan (November 30, 2016) — Michigan motorists are already seeing higher prices at the pump this week, and prices will move even higher now, based on an agreement reached today, by the Organization of Petroleum Exporting Countries(OPEC). OPEC announced plans to cut crude oil production by 1.2 million barrels a day to 32.5 million a day, effective in January 2017. The shift is aimed at draining a global glut that led to lower fuel prices in the last two years.
Analysts believe the OPEC agreement could boost crude prices by $5 or more, which would directly lead to increases of at least 13 cents at the pump. Retail prices were already rising this week based on the expectation that a deal would be reached.
Compared to yesterday, average prices are up 8 cents in Michigan. “Now that the deal is official, there is potential for prices to move even higher, based on the rate that oil prices climb,” said Susan Hiltz, AAA Michigan public affairs director.
Today oil prices settled at $49.44 a barrel, and increase of $4.21 from yesterday. Wholesale gasoline shot up 11 cents on the NYMEX.
|
Regular Unleaded Gas Current and Past Price Averages |
Wednesday |
Week Ago |
Year Ago |
|
|
National |
2.150 |
2.131 |
2.040 |
|
|
Michigan |
2.224 |
2.096 |
1.806 |
|
Ann Arbor |
2.231 |
2.098 |
1.831 |
|
Benton Harbor |
2.246 |
2.041 |
1.795 |
|
Detroit |
2.188 |
2.076 |
1.819 |
|
Flint |
2.269 |
2.087 |
1.710 |
|
Grand Rapids/Muskegon/Holland |
2.276 |
2.116 |
1.748 |
|
Jackson |
2.276 |
2.149 |
1.750 |
|
Lansing/E. Lansing |
2.270 |
2.091 |
1.785 |
|
Marquette |
2.140 |
2.116 |
1.947 |
|
Saginaw/Bay City/Midland |
2.284 |
2.118 |
1.707 |
|
Traverse City |
2.275 |
2.105 |
1.845 |
AAA surveys 2,800 Michigan gas stations daily.
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