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Price of gas sets new 2022 low

DEARBORN, MI— Gas prices in Michigan are down 17 cents from a week ago. Michigan drivers are now paying an average of $3.07 per gallon for regular unleaded, which is a new 2022-low. This price is 81 cents less than this time last month and 8 cents less than this time last year.

Motorists are paying an average of $46 for a full 15-gallon tank of gasoline; a discount of about $5 from 2021's highest price last November.

According to new data from the Energy Information Administration (EIA), gas demand decreased slightly from 8.36 to 8.26 million b/d. This coincides with the arrival of the winter driving season when fewer people hit the roads due to less daylight and more inclement weather. Meanwhile, total domestic gasoline stocks rose significantly by 4.5 million bbl to 223.6 million bbl. Increasing supply and lower gasoline demand are pushing pump prices lower.

At the close of Wednesday’s formal trading session, WTI increased by $1.89 to settle at $77.28. Crude prices increased last week due to a weaker dollar and higher market optimism after new data showed that inflation rose at its slowest rate since December 2021. Additionally, the EIA reported that total domestic commercial crude stocks expanded substantially by 10.2 million bbl to 424.1 million bbl.

The 3.2 million Michiganders preparing to hit the road for the holiday are getting the early gift of plunging prices at the pump. The Michigan state average has declined $1.11 per gallon in the last two months and prices are on par with last year’s holiday season.

"Michigan motorists continue to see gas prices decline with the state average hitting a new 2022-low and a few metro areas falling below $3 a gallon," said Adrienne Woodland, spokesperson, AAA-The Auto Club Group. "As demand remains low and stocks grow, drivers will likely continue to see pump prices decrease through the holiday week."

Compared to last week, Metro Detroit’s average daily gas price decreased. Metro Detroit’s current average is $2.99 per gallon, which is the lowest price since May of 2021. This price is about 11 cents less than last week’s average and 27 cents less than this same time last year.

Click here to view AAA's state and metro gas averages

  • Most expensive gas price averages:  Traverse City ($3.37), Jackson ($3.23), Grand Rapids ($3.19)
  • Least expensive gas price averages: Marquette ($2.94), Flint ($2.99), Metro Detroit ($2.99)
Nicole was born near Detroit but has lived in the U.P. most of her life. She graduated from Marquette Senior High School and attended Michigan State and Northern Michigan Universities, graduating from NMU in 1993 with a degree in English.