Overview
- AAA reported Monday that Michigan’s statewide average fell 11 cents from a week earlier to $4.16 per gallon, meaning a roughly $62 cost for a 15-gallon tank.
- Prices vary by metro with Ann Arbor at $4.25, Metro Detroit $4.21 and Jackson $4.15 while Flint, Grand Rapids and Saginaw average about $4.06–$4.08.
- Energy Information Administration weekly data show gasoline stocks increased to 209.4 million barrels, demand slipped to about 8.68 million barrels per day, and production averaged 9.7 million b/d.
- Wholesale benchmarks moved higher last week with crude near $87 per barrel and gasoline futures rising to about $3.35 per gallon, a shift AAA says could put upward pressure on pump prices if it persists.
- Analysts warn that holiday travel patterns could push demand up toward Labor Day and that, if current trends hold, the national average could top $4 on the holiday, a possible record for that weekend.