DEARBORN, MI— Gas prices in Michigan declined slightly, after setting a new record of $4.58 per gallon on Thursday.
Michigan drivers are now paying an average of $4.57 per gallon for regular unleaded, which is up 19 cents from a week ago. This price is 64 cents more than this time last month and $1.64 more than this time last year.
Motorists are paying an average of $68 for a full 15-gallon tank of gasoline; an increase of about $17 from when prices were their highest last November.
According to new data from the Energy Information Administration (EIA), total domestic gasoline stocks decreased by 4.8 million bbl to 220.2 million bbl. On the other hand, gasoline demand increased from 8.7 million b/d to 9 million b/d.
At the close of Wednesday’s formal trading session, WTI decreased by $2.81 to settle at $109.59. Crude prices dropped earlier last week as market concerns about the likelihood of a recession increased. If a recession occurs, crude demand would likely decrease amid decreased economic activity and cause crude prices to decline. Additionally, crude prices decreased despite EIA reporting that domestic crude supply decreased by 3.4 million bbl to 420.8 million bbl. The current level is approximately 13.4 percent lower than during the second week of May 2021.
"Tighter supply and increased demand pushed Michigan pump prices higher last week," said Adrienne Woodland, spokesperson, AAA-The Auto Club Group. "This supply and demand dynamic, combined with volatile crude prices, will likely continue to keep upward pressure on pump prices."
Compared to last week, Metro Detroit’s average daily gas price increased, setting a new record high. Metro Detroit’s current average is $4.59 per gallon, about 15 cents more than last week’s average and $1.58 more than this same time last year.
Click here to view AAA's state and metro gas averages
- Most expensive gas price averages: Marquette ($4.59), Metro Detroit ($4.59), Jackson ($4.58)
- Least expensive gas price averages: Saginaw ($4.56), Flint ($4.56), Grand Rapids ($4.56)
