DEARBORN, MI— Gas prices in Michigan are down 7 cents from a week ago. Michigan drivers are now paying an average of $2.99 per gallon for regular unleaded. This price is 66 cents less than this time last month and 11 cents less than this time last year.
Motorists are paying an average of $44 for a full 15-gallon tank of gasoline; a discount of about $7 from when 2021's highest price last November.
According to new data from the Energy Information Administration (EIA), gas demand increased from 8.26 to 8.71 million b/d. However, the current rate is nearly 300,000 b/d lower than at the end of December 2021. Meanwhile, total domestic gasoline stocks grew by 2.5 million bbl to 223.6 million bbl. Increasing supply and low gasoline demand are pushing pump prices lower.
At the close of Wednesday’s formal trading session, WTI increased by $2.06 to settle at $78.29. Crude prices increased last week after the EIA reported that total domestic commercial crude stocks decreased substantially by 5.9 million bbl to 418.2 million bbl. The drawdown signals that oil demand may continue to rise despite ongoing market concerns that a recession or slowdown could occur next year. If economic growth falters, crude demand will likely drop alongside prices.
"As the year comes to a close, Michigan motorists are seeing some of the lowest gas prices of 2022," said Adrienne Woodland, spokesperson, AAA-The Auto Club Group. "If demand remains low and stocks rise, drivers could see pump prices continue to decrease through next year."
Compared to last week, Metro Detroit’s average daily gas price increased. Metro Detroit’s current average is $3.02 per gallon, about 4 cents more than last week’s average but still 21 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 ($3.21), Jackson ($3.11), Ann Arbor ($3.03)
- Least expensive gas price averages: Saginaw ($2.85), Flint ($2.88), Lansing ($2.91)
