DEARBORN, MI— Gas prices in Michigan decreased 4 cents from a week ago. Michigan drivers are now paying an average of $3.27 per gallon for regular unleaded. This price is 2 cents less than this time last month and 10 cents less 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 (EIA), gas demand dipped slightly from 8.43 million to 8.27 million b/d. Meanwhile, total domestic gasoline stocks increased by 2.3 million bbl to 241.9 million bbl. If gas demand remains low, drivers may see only moderate price increases amid growing total domestic stocks.
At the close of Wednesday’s formal trading session, WTI decreased by 47 cents to settle at $78.59. Crude prices declined after the EIA reported that total domestic commercial crude inventories increased substantially by 16.3 million bbl to 471.4 million bbl. Earlier last week, crude prices rose due to ongoing market optimism that global oil demand will be higher than anticipated this year after China lifted its coronavirus lockdown restrictions.
"Drivers across Michigan continue to see lower prices at the pump," said Adrienne Woodland, spokesperson, AAA-The Auto Club Group. "If demand remains low, alongside increasing gasoline stocks, motorists could see prices continue to decrease through the week."
Compared to last week, Metro Detroit’s average daily gas price decreased slightly. Metro Detroit’s current average is $3.35 per gallon, about 2 cents less than last week’s average and 5 cents less than this same time last year.
Click here to view AAA's state and metro gas averages
- Most expensive gas price averages: Metro Detroit ($3.35), Ann Arbor ($3.32), Marquette ($3.32)
- Least expensive gas price averages: Grand Rapids ($3.09), Benton Harbor ($3.19), Lansing ($3.20)
