6/7/21 – Gas prices drop a bit

Michigan drivers are now paying an average of $3.02 per gallon for regular unleaded. This price is 6 cents more than this time last month and 98 cents more than this time last year.

Motorists are paying an average of $45 for a full 15-gallon tank of gasoline; an increase of about $6 from when prices were their highest last January.

In its latest weekly report, the Energy Information Administration released new gas demand data that shows demand dropped from 9.48 million b/d to 9.15 million b/d, while total domestic gas stocks increased by 1.5 million bbl. The demand decrease and supply increase has helped to stabilize pump prices and will likely help prices remain stable through this week and into summer.

At the close of Thursday’s formal trading session, WTI decreased by two cents to settle at $68.81. Although a stronger dollar factored into that slight price decrease, crude prices increased last week after the Organization of the Petroleum Exporting Countries (OPEC), and its allies including Russia, announced they still plan to gradually increase crude production in July. The move could help reduce pump prices later this summer, but the amount of the price reduction will depend on how well OPEC and its allies adhere to their agreement and if the additional production is not met with higher demand. OPEC and its allies will meet again on July 1 to review their production agreement.

“After the spike in gas prices heading into Memorial Day weekend, Michigan motorists are finally seeing some stability at the pump,” said Adrienne Woodland, spokesperson, AAA-The Auto Club Group.

Compared to last week, Metro Detroit’s average daily gas price increased slightly. Metro Detroit’s current average is $3.09 per gallon.  This price is 1 cent more than last week’s average and $1.08 more than this same time last year.

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

• Most expensive gas price averages: Metro Detroit ($3.09), Marquette ($3.07), Ann Arbor ($3.07)
• Least expensive gas price averages: Grand Rapids ($2.94), Traverse City ($2.95), Lansing ($2.95)

Find Local Gas Prices

• Daily national, state, and metro gas price averages can be found at Gasprices.aaa.com.