DEARBORN, MI— Gas prices in Michigan are down 9 cents from a week ago. Michigan drivers are now paying an average of $3.96 per gallon for regular unleaded. This price is 21 cents less than this time last month but still 69 cents more than this time last year.
Motorists are paying an average of $59 for a full 15-gallon tank of gasoline; an increase of about $8 from 2021's highest price last November.
According to new data from the Energy Information Administration, gas demand rose slightly from 8.68 million b/d to 8.93 million b/d, and total domestic gasoline stocks decreased from 209.4 million bbl to 207.9 million bbl. Although gasoline demand is up slightly, it remains nearly 400,000 bbl lower than this same time last year. Fluctuating oil prices and low demand are contributing to the national average moving downward. If demand remains low, as oil prices slide, drivers should see pump prices come down through the weekend.
At the close of Wednesday’s formal trading session, WTI increased by $2.59 to settle at $87.91. A lower dollar helped push crude prices up last week; however, the price of oil declined earlier in the week due to ongoing market concerns regarding the likelihood of a recession occurring.
"Michigan's gas prices continue to fall, dropping below $4 a gallon for the first time in almost four weeks," said Adrienne Woodland, spokesperson, AAA-The Auto Club Group. "If demand remains low, alongside declining crude prices, motorists could see pump prices continue to drop."
Compared to last week, Metro Detroit’s average daily gas price decreased. Metro Detroit’s current average is $3.88 per gallon, about 4 cents less than last week’s average but still 56 cents more than this same time last year.
Click here to view AAA's state and metro gas averages
- Most expensive gas price averages: Jackson ($4.12), Marquette ($4.10), Lansing ($4.03)
- Least expensive gas price averages: Metro Detroit ($3.88), Traverse City ($3.90), Flint ($3.94)
