Michigan drivers are now paying an average price of $2.52 per gallon for regular unleaded. Monday's state average is eleven cents more than a week ago, nine cents less than this time last month, and nine cents less than this time last year.
It now costs $37.80 to fill a 15-gallon tank of gasoline. That is $9.15 less than what drivers paid in May of 2018, when pump prices hit their 2018 peak of $3.13 per gallon.
New data from the Energy Information Administration revealed that total domestic stocks of gasoline decreased for the sixth consecutive week. At 217.2 million bbl, the current stock level is 10.8 million bbl lower than last year’s level at this time. Reduced stock levels, amid robust demand, have helped to push the national gas price average higher this week.
“Reduced supply and strong demand were the driving forces behind the increased prices,” said Gary Bubar, spokesperson, AAA – The Auto Club Group. “As supplies continue to fluctuate, prices at the pump will change. Demand is forecast to increase as we near the holiday season and that could lead to increased prices.”
Although demand took a significant step back from the previous week’s 9.78 million b/d to 9.15 million b/d – it is still approximately 50,000 b/d higher than last year’s rate in early November. Since Monday, the national average for unleaded regular gasoline has increased by two cents to $2.62.