DEARBORN, MI— Gas prices in Michigan are up 44 cents from a week ago. Michigan drivers are now paying an average of $5.04 per gallon for regular unleaded, which is another record high within the last 30 days. This price is 74 cents more than this time last month and $2.02 more than this time last year.
Motorists are paying an average of more than $75 for a full 15-gallon tank of gasoline; an increase of about $25 from when prices were their highest last November.
Monday, the national average for a gallon of regular gasoline has increased by 24 cents to $4.85. According to new data from the Energy Information Administration (EIA), total domestic gasoline stocks decreased by 700,000 bbl to 219 million bbl last week. Meanwhile, gasoline demand grew from 8.8 million b/d to 8.98 million b/d as drivers fueled up for Memorial Day weekend travel. These supply and demand dynamics have contributed to rising pump prices. Coupled with volatile crude oil prices, pump prices will likely remain elevated as long as demand grows and supply remains tight.
At the close of Wednesday’s formal trading session, WTI increased by 59 cents to settle at $115.26. Crude prices have increased amid supply concerns from the market as the European Union works to implement a 90 percent ban on Russian oil imports by the end of this year. Crude prices were also boosted by increased demand expectations from the market after China lifted COVID-19 restrictions in Shanghai. Additionally, EIA reported that total domestic stocks decreased by 5.1 million bbl to 414.7 million bbl last week. As a result, the current storage level is approximately 13.5 percent lower than a year ago, contributing to rising crude prices.
Compared to last week, Metro Detroit’s average daily gas price increased, setting another new record high. Metro Detroit’s current average is $5.12 per gallon, about 44 cents more than last week’s average and $1.42 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 ($5.12), Ann Arbor ($5.07), Flint ($5.01),
- Least expensive gas price averages: Marquette ($4.96), Traverse City ($4.97), Grand Rapids ($4.99)
