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Michigan Gas Prices Soar 28 Cents in a Week
14 Sep
Summary
- Michigan gas prices rose 28 cents weekly, averaging $4.31 per gallon.
- A full 15-gallon tank now costs $65, a $14 increase from last August.
- Gas demand decreased while supply and production also saw declines.
Gasoline prices in Michigan have surged dramatically, with the average price per gallon increasing by 28 cents over the past week, reaching $4.31. This price point is 6 cents higher than a month ago and $1.04 more than at this time last year. Consequently, motorists are now paying an average of $65 for a full 15-gallon tank of gasoline, which is an increase of about $14 compared to last August's peak prices.
The underlying factors contributing to this sharp rise include a decrease in gasoline demand, which fell from 8.92 million to 8.55 million barrels per day. Simultaneously, domestic gasoline supply saw a slight climb, but gasoline production experienced a notable drop from 9.8 million to 9.3 million barrels per day, according to Energy Information Administration data.
Regional price variations show Metro Detroit's average at $4.30 per gallon, up 19 cents from the previous week. Ann Arbor, Jackson, and Lansing report the highest average prices at $4.35, $4.35, and $4.34 respectively. Traverse City, Flint, and Metro Detroit currently offer the lowest average prices in the state.
