06
March
2022
|
17:00 PM
America/Chicago

AAA: Michigan Gas Prices Surge 42 Cents to Highest Since June 2013

DEARBORN, Mich., (March 7, 2022) - Gas prices in Michigan soared 42 cents, setting a new 2022-high. Michigan drivers are now paying an average of $3.97 per gallon for regular unleaded. This price is 60 cents more than this time last month and $1.25 more than this time last year.

Motorists are paying an average of $59 for a full 15-gallon tank of gasoline; an increase of about $8 from when prices were their highest last November.

According to new data from the Energy Information Administration (EIA), total domestic gasoline stocks decreased by 500,000 bbl to 246 million bbl. On the other hand, gasoline demand increased slightly from 8.66 million b/d to 8.74 million b/d. An increase in gas demand, alongside a reduction in total supply, is contributing to price increases, but increasing oil prices continue to play a leading role in pushing prices higher.

At the close of Wednesday's formal trading session, WTI increased by $7.19 to settle at $110.60 – the highest settlement price since May 2011. Crude prices continue to surge as the conflict between Ukraine and Russia continues to bring uncertainty to the market. To help counter the impact of rising oil prices, the International Energy Agency (IEA) has coordinated a release of 60 million bbl of crude oil from its 31 member countries' strategic reserves, including the U.S., Germany, Canada, South Korea, and Mexico. The announcement of the release did not detail the amount of each contribution from each country, but half of the release – 30 million bbl – is expected to come from the U.S. However, the pricing impact from that announcement has been limited given that the amount of oil is small in comparison to the amount of oil that flows daily from Russia around the globe. According to IEA, Russia exports approximately 5 million b/d of crude oil, representing about 12 percent of global trade. The market continued to soar through the week with WTI rising $8.01/bbl on Friday to settle at $115.68/bbl.

Additionally, EIA reported that total domestic crude stocks decreased by 2.6 million bbl to 413.4 million bbl. The current stock level is approximately 15 percent lower than at the end of February 2021, contributing to pressure on domestic crude prices.

"Rising crude oil prices sent Michigan pump prices soaring to the highest prices since June of 2013," said Adrienne Woodland, spokesperson, AAA-The Auto Club Group. "Pump prices will likely continue to rise as crude prices continue to climb."

Compared to last week, Metro Detroit's average daily gas price increased. Metro Detroit's current average is $4.00 per gallon, about 46 cents more than last week's average and $1.26 more than this same time last year.

Click here to view AAA's state and metro gas averages

  • Most expensive gas price averages: Marquette ($4.07), Metro Detroit ($4.00), Benton Harbor ($4.00)
  • Least expensive gas price averages: Traverse City ($3.86), Grand Rapids ($3.93), Ann Arbor ($3.94)


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.

Ways to Save on Gasoline

  • Combine errands to limit driving time.
  • Shop around for the best gas prices in your community.
  • Consider paying cash. Some retailers charge extra per gallon for customers who pay with a credit card.
  • Remove excess weight in your vehicle.
  • Drive conservatively. Aggressive acceleration and speeding reduces fuel economy.
  • Enroll in savings programs. AAA Members who enroll in Shell's Fuel Rewards program can save 5 cents per gallon when they fill up at Shell. Click here for more information.


CURRENT AND PAST PRICE AVERAGES

Regular Unleaded Gasoline

Sunday

Saturday

Week Ago

Month Ago

One Year Ago

2021 Low

2021 High

Record High

National

$4.01

$3.92

$3.60

$3.44

$2.76

$2.25 (Jan. 1)

$3.42 (Nov. 5)

$4.11 (July 2008)

Michigan

$3.97

$3.87

$3.55

$3.37

$2.72

$2.17 (Jan. 10)

$3.43 (Nov. 7)

$4.26 (May 2011)

Detroit

$4.00

$3.86

$3.54

$3.37

$2.74

$2.20 (Jan. 7)

$3.40 (Nov. 6)

$4.24 (May 2011)

Click here to view current gasoline price averages

Gas Price Survey Methodology
Every day up to 130,000 stations in the nation and more than 4,200 stations in Michigan are surveyed based on credit card swipes and direct feeds in cooperation with the Oil Price Information Service (OPIS) and Wright Express for unmatched statistical reliability. All average retail prices in this report are for a gallon of regular, unleaded gasoline.

AAA updates fuel price averages daily at www.GasPrices.AAA.com.

About AAA - The Auto Club Group
AAA in Michigan celebrated its 100th Anniversary - A Century of Service in 2016 and has over 1.5 million members across the state. It is part of The Auto Club Group (ACG). Connect with us on Facebook and LinkedIn.

The Auto Club Group (ACG) is the second largest AAA club in North America with more than 13 million members across 14 U.S. states, the province of Quebec and two U.S. territories. ACG and its affiliates provide members with roadside assistance, insurance products, banking and financial services, travel offerings and more. ACG belongs to the national AAA federation with more than 62 million members in the United States and Canada. AAA's mission is to protect and advance freedom of mobility and improve traffic safety. For more information, get the AAA Mobile app, visit AAA.com, and follow us on Facebook, Twitter and LinkedIn.