Michigan gas prices start to fall for 1st time in weeks
Gas prices in Michigan fell Monday an average of 9 cents a gallon Monday to $3.62 for regular unleaded compared to a week ago, according to AAA. It’s the first time they’ve gone down in four weeks and potentially a sign that — absent any refinery outages — the price at the pump may have just peaked through the summer.
The price was 21 cents more than this time last month, but still 32 cents less than this time last year.
Compared with last week, metro Detroit’s average daily gas price also decreased to $3.60 per gallon, about 6 cents, and the national gas price average on Monday was $3.67 a gallon, unchanged from a week ago, according to AAA, which tracks prices at about 130,000 stations nationwide.
"After a spike in prices, Michigan motorists are seeing some slight relief at the pump," said Adrienne Woodland, spokeswoman for the Auto Club. "Lower demand, alongside growth in stocks is finally helping to push gas prices lower."
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Patrick De Haan, head of petroleum analysis at GasBuddy, which also tracks gas prices, went further in his analysis.
"For the first time in several weeks, the national average price of gasoline has seen a decline, and while the fall was quite small, the bigger news may be that we may have seen a short-term peak for the price of gasoline," he said. "We may have seen our high water mark for the national average for the summer."
Typically, he added, gas prices peak between May and June, but with the oil market showing significant cracks in strength, consumers may have seen the peak in the national average already occur, a few weeks earlier than average.
The odds, he said, that the national average will miss the $4 per gallon mark are rising.
Motorists are paying an average of $54 for a full 15-gallon tank of gasoline; about $24 less than 2022's peak.
The reasons why: Gas demand decreased from 8.94 to 8.52 million barrels a day. Meanwhile, total domestic gasoline stocks increased slightly by 1.3 million barrels to 223.5 million barrels, according to the Energy Information Administration.
West Texas Intermediate oil, a benchmark used by oil markets, decreased by $1.70 to settle at $79.16 a barrel.
The most expensive gas price averages: Traverse City, $3.72 a gallon; Marquette, $3.70 and Lansing, $3.67.
In addition to metro Detroit, the least expensive gas price averages: Grand Rapids, $3.61 and Flint, $3.61.
Contact Frank Witsil: 313-222-5022 or fwitsil@freepress.com.
This article originally appeared on Detroit Free Press: Michigan gas prices fall, may continue to drop, as summer approaches
