DEARBORN, MI— Gas prices in Michigan decreased 20 cents from a week ago. Michigan drivers are now paying an average of $4.24 per gallon for regular unleaded. This price is 76 cents less than this time last month but still $1.04 more than this time last year.
Motorists are paying an average of $63 for a full 15-gallon tank of gasoline; an increase of about $12 from 2021's highest price last November.
According to new data from the Energy Information Administration (EIA), gas demand increased from 8.52 million b/d to 9.25 million b/d. The estimated rate is 80,000 b/d lower than last year, but it could pressure pump prices and slow price decreases if the trend holds. Additionally, total domestic gasoline stocks decreased by 3.3 million bbl to 225.1 million bbl, signaling that higher demand reduced inventory last week.
At the close of Wednesday’s formal trading session, WTI increased by $2.28 to settle at $97.26. Crude prices increased last week as market concerns about weakening demand this summer have eased after the EIA reported that total domestic crude stocks decreased by 4.5 million bbl to 422.1 million bbl, 13.5 million bbl lower than the storage level at the end of July 2021.
"Despite an increase in demand, Michigan pump prices continue to decline," said Adrienne Woodland, spokesperson, AAA-The Auto Club Group. "If demand continues to increase, alongside a drop in stocks, motorists could see a slow down in the price decreases at the pump."
Compared to last week, Metro Detroit’s average daily gas price decreased. Metro Detroit’s current average is $4.20 per gallon, about 22 cents less than last week’s average but still 91 cents more than this same time last year.
Click here to view AAA's state and metro gas averages
- Most expensive gas price averages: Marquette ($4.55), Traverse City ($4.47), Ann Arbor ($4.37)
- Least expensive gas price averages: Flint ($4.16), Grand Rapids ($4.18), Benton Harbor ($4.19)
