DEARBORN, MI— Gas prices in Michigan jumped 27 cents from a week ago. Michigan drivers are now paying an average of $4.23 per gallon for regular unleaded. This price is 11 cents less than this time last month but still 80 cents 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 dipped slightly from 8.93 million b/d to 8.66 million b/d, and total domestic gasoline stocks decreased by 1.3 million bbl to 206.6 million bbl. Tighter supply and fluctuating oil prices have put upward pressure on gasoline prices.
At the close of Wednesday’s formal trading session, WTI increased by $1.63 to settle at $90. Crude prices rose after the EIA reported that total domestic crude stocks declined by 3.1 million bbl. However, the price of oil faced strong headwinds earlier last week as ongoing market concerns regarding the likelihood of a recession increase. If economic growth stalls or reverses course, crude demand is likely to follow suit alongside prices.
"Michigan motorists are seeing much higher prices at the pump compared to this time last week," said Adrienne Woodland, spokesperson, AAA-The Auto Club Group. "If supply remains tight alongside rising crude oil prices, gas prices could continue to increase."
Compared to last week, Metro Detroit’s average daily gas price increased. Metro Detroit’s current average is $4.20 per gallon, about 32 cents more than last week’s average and 80 cents more than this same time last year.
Click here to view AAA's state and metro gas averages
- Most expensive gas price averages: Saginaw ($4.27), Benton Harbor ($4.27), Grand Rapids ($4.26)
- Least expensive gas price averages: Traverse City ($4.18), Ann Arbor ($4.20), Metro Detroit ($4.20)
