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Maybe you’ll have a little more spending money for your holiday shopping now that you don’t have to put so much in your tank.
Gas prices now average the lowest of the year in Michigan, and AAA says motorists should see additional discounts this week.
The price of crude has dropped by more than 10 percent – amid concerns that strong global oil production will overpower demand.
Gas prices in Michigan declined the past 31 consecutive days for a total of 44 cents.
Sunday’s daily average price of $2.40 per gallon is 8 cents less than a week ago, and 13 cents less than this time last year.
Here is the full press release from AAA:
DETROIT, Mich., (November 26, 2018) — Gas prices now average the lowest of the year in Michigan, and motorists should see additional discounts this week. Just as retailers cut prices on Black Friday, the price of crude also dropped by more than 10 percent – amid concerns that strong global oil production will overpower demand.
Gas prices in Michigan declined the past 31 consecutive days for a total of 44 cents. Sunday’s daily average price of $2.40 per gallon is 8 cents less than a week ago, and 13 cents less than this time last year.
| MICHIGAN’S LOWEST GAS PRICES OF THE YEAR | ||
| Region | 2018 Low | Sunday’s Average |
| Michigan** | $2.40 (Sunday) | $2.40 |
| Ann Arbor | $2.46 (2/26/18) | $2.50 |
| Detroit | $2.44 (2/26/18) | $2.48 |
| Flint | $2.29 (2/20/18) | $2.32 |
| Grand Rapids** | $2.23 (Sunday) | $2.23 |
| Jackson** | $2.28 (Sunday) | $2.28 |
| Lansing* | $2.29 (2/20/18) | $2.31 |
| Marquette | $2.57 (1/4/2018) | $2.59 |
| Saginaw | $2.31 (2/20/18) | $2.33 |
| Traverse City | $2.32 (2/20/18) | $2.45 |
Detroit gas prices are also falling fast. The average price in Metro Detroit was $2.48/g on Sunday, after declining the past 31 consecutive days for a total of 35 cents. The metro Detroit average should record a new 2018-low later this week. The current low is $2.44/g.
Click here to view AAA’s state and metro gas price averages
- Most expensive gas price averages: Marquette ($2.59), Ann Arbor ($2.50), and Metro Detroit ($2.48)
- Least expensive gas price averages: Grand Rapids-Muskegon-Holland ($2.23), Benton Harbor ($2.26), and Jackson ($2.28)
“Last week’s crude price plunge adds even more weight to what was already strong downward pressure on prices at the pump,” said Nancy Cain, spokesperson, AAA – The Auto Club Group. “Motorists could see local gas prices drop another 5-15 cents as a result. These falling prices are mostly due to record crude production rates from the U.S., Russia and Saudi Arabia. Unless the oil market quickly recovers, these low gas prices should hang around through the rest of the year.”
Sunday’s national average price of $2.56 per gallon is 7 cents less than last week, nearly 30 cents less than last month, and the lowest daily average since March. Sunday’s U.S. average price was 7 cents more than this year’s low, of $2.49 set in January. However, the national average should drop below that point within the next week.
Fuel Fundamentals
- Crude oil prices plunged another $6 per barrel last week – the equivalent of about 15 cents at the pump
- Friday’s daily settlement of $50.42/b is the lowest since October 2017
- Domestic crude production holds steady at 11.7 million barrels per day (record high)
- The U.S., Russia, and Saudi Arabia are all producing crude at record levels
- Crude oil supplies increased again, by 1.1 percent (9th consecutive weekly gain)
- Gasoline dropped another 19 cents on the futures market
- Wholesale gasoline dropped another 5 cents last week
- Gasoline demand is also relatively steady
- Gasoline production was slightly lower than the week before
- Gasoline supply remains strong for the fall, 10 percent better than this time last year
Gas Price Tools
- GasPrices.AAA.com – Daily national, state, and metro gas price averages
- AAA Mobile app – Free app that compares gas prices near you
- Gas Cost Calculator – Determine how much gasoline will cost on your next road trip
CURRENT AND PAST PRICE AVERAGES
Regular Unleaded Gasoline
 | Sunday | Saturday | Week Ago | Month Ago | One Year Ago | 2018 Low | 2018 High | Record High |
| National | $2.561 | $2.567 | $2.625 | $2.837 | $2.509 | $2.49 (1/3/2018) | $2.97 (5/26/2018) | $4.11 (7/17/2008) |
| Michigan | $2.398 | $2.408 | $2.484 | $2.826 | $2.531 | $2.40 (Sunday) | $3.13 (5/25/2018) | $4.26 (5/4/2011) |
| Detroit | $2.478 | $2.488 | $2.539 | $2.817 | $2.583 | $2.44 (2/27/2018) | $3.11 (5/25/2018) | $4.24 (5/4/2011) |
| Click here to view current gasoline price averages | ||||||||
Gas Price Survey Methodology
AAA updates fuel price averages daily at www.GasPrices.AAA.com. Every day up to 130,000 stations 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.
About The Auto Club Group
The Auto Club Group (ACG) is the second largest AAA club in North America. ACG and its affiliates provide membership, insurance, financial services and travel offerings to over 9.6 million members across eleven states and two U.S. territories including Florida, Georgia, Iowa, Michigan, Nebraska, North Dakota, Tennessee, Wisconsin, Puerto Rico and the U.S. Virgin Islands; most of Illinois and Minnesota; and a portion of Indiana. ACG belongs to the national AAA federation with more than 59 million members in the United States and Canada and whose mission includes protecting and advancing freedom of mobility and improving traffic safety. Motorists can map a route, identify gas prices, find discounts, book a hotel, and access AAA roadside assistance with the AAA Mobile app for iPhone, iPad and Android. Learn more at AAA.com/mobile. Visit AAA on the Internet at AAA.com.
