DEARBORN, MI— Gas prices in Michigan are up 13 cents compared to last week. Michigan drivers are now paying an average of $3.32 per gallon for regular unleaded. This price is 1 cent more than this time last month and 14 cents more than this time last year.
Motorists are paying an average of $49 for a full 15-gallon tank of gasoline; a discount of about $29 from 2022's highest price last June.
According to new data from the Energy Information Administration, gas demand rose from 8.71 to 9.33 million b/d. However, the current rate is nearly 400,000 b/d lower than at the end of December 2021. Meanwhile, total domestic gasoline stocks fell by 3.1 million bbl to 223 million bbl. Tighter supply and higher gasoline demand are pushing pump prices higher.
At the close of Wednesday’s formal trading session, WTI decreased by $4.09 to settle at $72.84. Crude prices declined last week amid ongoing global economic concerns due to rising COVID-19 cases in China. If oil demand drops, as the economy falters, crude prices will likely follow suit.
"Michigan motorists continue to see higher pump prices are we move further into the new year," said Adrienne Woodland, spokesperson, AAA-The Auto Club Group. "As demand remains robust and stocks remain tight, drivers could continue to see pump prices increase."
Compared to last week, Metro Detroit’s average daily gas price increased. Metro Detroit’s current average is $3.31 per gallon, about 11 cents more than last week’s average and 9 cents more than this same time last year.
Click here to view AAA's state and metro gas averages
- Most expensive gas price averages: Lansing ($3.34), Grand Rapids ($3.34), Ann Arbor ($3.33)
- Least expensive gas price averages: Marquette ($3.28), Traverse City ($3.30), Benton Harbor ($3.31)
