Michigan's gas prices fell 7 cents, but could go back up again - Detroit Free Press

Michigan's gas prices fell 7 cents, but could go back up again

Michigan gas prices decline 7 cents to $3.49 despite an increase in demand
Frank Witsil

Michigan’s gas prices fell Monday by 7 cents, putting the average price at $3.49.

"Despite a slight increase in demand, Michigan motorists are seeing lower prices at the pump," said Adrienne Woodland, spokeswoman for the AAA auto club. "If demand continues to climb, alongside tightening supply, gas prices could increase."

Demand increased slightly from 8.76 million to 8.86 million barrels a day, according to new data from the Energy Information Administration. Meanwhile, total domestic gasoline stocks fell from 219.5 million to 218.4 million barrels.

West Texas Intermediate, a light, sweet crude oil that serves as one of the main global oil benchmarks, decreased by 40 cents to settle at $75.35 a barrel. Oil prices declined in response to concerns demand for crude oil could soften this summer.

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Extended repair timelines at refineries and lower refinery oil usage rates could influence how much oil prices fall. Additionally, the EIA reported that total domestic commercial crude inventories decreased by 700,000 barrels to 457.4 million barrels.

Most expensive gas price averages

- Ann Arbor: $3.56
- Metro Detroit: $3.55
- Marquette: $3.52

Least expensive gas price averages

- Grand Rapids: $3.41
- Benton Harbor: $3.42
- Saginaw: $3.44

Contact Frank Witsil: 313-222-5022 or fwitsil@freepress.com.