DEARBORN, MI (WKZO AM/FM) — Average gas prices in Michigan fell slightly during the past week, but remain over $3.00 per gallon. Drivers are paying three cents less than a week ago for an average of $3.02 per gallon for regular unleaded.
This price is six cents more than this time last month and nearly a dollar more than this time last year. AAA says after the spike in prices heading into Memorial Day weekend, Michigan motorists are starting to see some stability at the pump. The highest prices in the state are currently in the Detroit area and in the eastern Upper Peninsula.
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 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.
