The Michigan state average of $2.50 is highest since January 2020
DEARBORN, Mich., (February 8, 2021) - Gas prices in Michigan continued their upward spike, increasing 11 cents from last week. Michigan drivers are now paying an average of $2.50 per gallon for regular unleaded, which is the highest price seen since January of 2020. This price is 32 cents more than this time last month and 12 cents more than this time last year.
Motorists are paying an average of $38 for a full 15-gallon tank of gasoline; a discount of $1 from when prices were their highest last January.
Pump prices increased last week, while gas demand decreased slightly from 7.83 million b/d to 7.78 the prior week, according to new data from the Energy Information Administration (EIA). In addition, total domestic gasoline supplies increased by 4.5 million bbl to 252.2 million bbl and total crude utilization across domestic refineries took a small step forward from 81.7 percent to 82.3 percent.
At the close of Thursday’s formal trading session, WTI increased by 54 cents to settle at $56.23, which is the highest settlement price of the year. Crude prices rose last week after the Organization of the Petroleum Exporting Countries (OPEC) and its production reduction agreement partners met to review compliance with their agreement to collectively reduce their crude production by 7.2 million b/d. The group decided to hold the cuts steady and expects output to remain low this year, since demand is forecasted to be lower than expected throughout 2021 due to ongoing crude demand concerns as the pandemic continues to keep travel restrictions in place. Crude prices have also been bolstered by EIA’s latest report showing that total domestic crude inventories dropped by 1 million bbl. The current level now sits at 475.7 million bbl.
"An increase in crude utilization and increasing crude prices have contributed to higher pump prices," said Adrienne Woodland, spokesperson, AAA - The Auto Club Group. "It's likely that drivers will see this trend continue through the month of February."
Compared to last week, Metro Detroit’s average daily gas price increased. Metro Detroit’s current average is $2.46 per gallon, about 7 cents more than last week’s average and 5 cents more than this same time last year.
Click here to view AAA's state and metro gas averages
- Most expensive gas price averages: Jackson ($2.54), Saginaw ($2.54), Grand Rapids ($2.54)
- Least expensive gas price averages: Traverse City ($2.32), Metro Detroit ($2.46), Ann Arbor ($2.47)
Find Local Gas Prices
- Daily national, state, and metro gas price averages can be found at Gasprices.aaa.com
- Motorists can find the lowest gas prices on their smartphone or tablet with the free AAA Mobile app. The app can also be used to map a route, find discounts, book a hotel and access AAA roadside assistance.
CURRENT AND PAST PRICE AVERAGES
Regular Unleaded Gasoline
|Sunday||Saturday||Week Ago||Month Ago||One Year Ago||2020 Low||2020 High||Record High|
|National||$2.46||$2.46||$2.42||$2.29||$2.45||$1.77 (Apr. 29)||$2.60 (Jan. 9)||$4.11 (July 2008)|
|Michigan||$2.50||$2.50||$2.39||$2.18||$2.38||$1.41 (Apr. 28)||$2.63 (Jan. 9)||$4.26 (May 2011)|
|Detroit||$2.46||$2.46||$2.39||$2.20||$2.41||$1.42 (Apr. 28)||$2.62 (Jan. 9)||$4.24 (May 2011)|
Gas Price Survey Methodology