DEARBORN, MI— Gas prices in Michigan are up 10 cents from a week ago. Michigan drivers are now paying an average of $3.47 per gallon for regular unleaded. This price is 37 cents more than this time last month and 25 cents more than this time last year.
Motorists are paying an average of $52 for a full 15-gallon tank of gasoline; a discount of about $26 from 2022's highest price last June.
According to new data from the Energy Information Administration, gas demand rose slightly from 8.05 to 8.14 million b/d. Although winter storms at the end of 2022 have contributed to tighter supply, the mild winter this month may have led to more drivers getting behind the wheel, pushing pump prices higher. Meanwhile, total domestic gasoline stocks increased by 1.7 million bbl to 232 million bbl.
At the close of Wednesday’s formal trading session, WTI increased by two cents to settle at $80.15. Crude prices rose slightly last week due to a falling dollar. Additionally, the cost of oil was bolstered last week amid ongoing market optimism that global oil demand will be more robust than anticipated in 2023 due to China re-opening its economy after imposing strict COVID-19 lockdowns that curtailed demand.
"Rising gas demand and elevated oil prices have contributed to higher prices at the pump," said Adrienne Woodland, spokesperson, AAA-The Auto Club Group. "If demand remains robust, drivers will likely see pump prices increase through the week."
Compared to last week, Metro Detroit’s average daily gas price increased. Metro Detroit’s current average is $3.50 per gallon, about 12 cents more than last week’s average and 26 cents more than this same time last year.
Click here to view AAA's state and metro gas averages
- Most expensive gas price averages: Metro Detroit ($3.50), Ann Arbor ($3.48), Lansing ($3.45)
- Least expensive gas price averages: Benton Harbor ($3.35), Traverse City ($3.37), Grand Rapids ($3.41)
