Michigan gas prices jump 10 cents from last week

Rising gas prices: How to save almost $12 on each fill up

We're all looking to save a few bucks every time we stop to top off the tank, but what can you actually do to save money? If you save up to 5 MPGs, you could save almost $12 per fill up.

DETROIT (FOX 2) - Michigan gas prices have jumped again, bringing the average for a regular unleaded gallon to more than $4.

According to AAA, gas prices are up 10 cents from last week. Drivers are now paying an average of $4.04 a gallon.

This is 4 cents less than this time last month but $1.24 more than this time last year. A 15-gallon tank of gasoline costs about $60, an increase of about $9 from when prices were their highest last November.

In Metro Detroit, gas is an average of $4.06 a gallon, which is about 7 cents more than last week.

Gas prices had been decreasing for weeks before a slight increase of 2 cents last week.

"Tight gasoline stocks along with volatility in the crude oil market has pushed Michigan gas prices above $4 a gallon for the first time in almost three weeks," said Adrienne Woodland, spokesperson, AAA-The Auto Club Group. "Pump prices will likely continue to face upward pressure as oil prices remain above $100 per barrel."

According to new data from the Energy Information Administration (EIA), total domestic gasoline stocks decreased by 1.6 million bbl to 230.8 million bbl. Gasoline demand decreased slightly from 8.87 million b/d to 8.74 million b/d. AAA said that although lower gas demand would typically push pump prices lower, the fluctuating oil price and tight gasoline supply have pushed pump prices higher. At the close of Wednesday’s formal trading session, WTI increased by 32 cents to settle at $102.02. While EIA’s weekly report showed that total domestic crude inventories rose by 700,000 bbl to 414.4 million bbl, crude prices have increased because the current level is approximately 16 percent lower than at the end of April 2021.

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