AAA Michigan: Statewide average gas prices decrease by 2 cents

Including the jump in Twin Cities gas prices in Twin Cities during the past week, prices yesterday were 31.2 cents per gallon higher than the same day one year ago, and 8.7 cents per gallon higher than a month ago.

According to AAA the national gas average of $2.81 is 43 cents higher than a year ago and the loftiest price per gallon since November 2014.

GasBuddy pegged average Vancouver prices at over $1.58 per litre, up 28 cents from last April 30.

Gas prices stalled over the week in Southwest Florida, but they end the month as the most expensive April fuel overall in four years. Gas prices typically rise every April through Memorial Day, as Americans hit the road, then slowly ease downward through September; April already marked a record high for USA consumer gas demand, the EIA says.

AAA's survey found a 33-cent range for unleaded regular, from a low of $2.669 to a high of $2.999. While this is still a high in Virginia, it beats the national average price of $2.81 - also the highest national price since 2014.

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The average price for gas in Michigan Monday morning was $2.93 a gallon. GasBuddy officials said that is the highest mark since November 2014.

"The good news is, both at the global level and the USA level, this is occurring at a time when growth is fairly robust", said Nariman Behravesh, chief economist at IHS Markit. OPEC cutbacks have led to reduced oil supplies in the well. Don't look for prices to drop as we start a new month. The main recipients of US fuel exports were Central and South America, and firms in Europe and Asia. American Airlines said that it spent $412 million more on fuel in the recent first quarter than in the year-ago period.

Total U.S. crude oil output increased to 10.586 million b/d.

One reason that oil likely won't get to that level is the emergence of the a major global oil producer.

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