Michigan gas prices decline slightly after setting new 2023 high
DEARBORN, MI— Gas prices in Michigan declined slightly after setting a new 2023-high of $3.72 on Saturday. Michigan drivers are now paying an average of $3.71 per gallon for regular unleaded, which is 9 cents more than a week ago. This price is 22 cents more than this time last month but still 20 cents less than this time last year.
Motorists are paying an average of $55 for a full 15-gallon tank of gasoline; a discount of about $23 from 2022's highest price last June.
According to new data from the Energy Information Administration (EIA), gas demand decreased from 9.3 to 8.94 million b/d. Meanwhile, total domestic gasoline stocks dropped slightly by 400,000 bbl to 222.2 million bbl. Lower demand would typically push pump prices down; instead, elevated oil prices have pushed them higher.
At the close of Wednesday’s formal trading session, WTI increased by $1.73 to settle at $83.26. Oil prices increased after the U.S. Labor Department said the U.S. Consumer Price Index rose 0.1% in March, a lower rise than the market expected. Additionally, the EIA reported that total domestic commercial crude inventories increased by 500,000 bbl to 470.5 million bbl.
"Despite the slight decrease in demand, Michigan gas prices continue to increase, setting a new 2023-high," said Adrienne Woodland, spokesperson, AAA-The Auto Club Group. "If oil prices continue to rise, pump prices will follow suit."
Compared to last week, Metro Detroit’s average daily gas price increased. Metro Detroit’s current average is $3.66 per gallon, about 8 cents more than last week’s average but still 31 cents less than this same time last year.
Click here to view AAA's state and metro gas averages
- Most expensive gas price averages: Marquette ($3.77), Saginaw ($3.76), Lansing ($3.76)
- Least expensive gas price averages: Metro Detroit ($3.66), Traverse City ($3.72), Ann Arbor ($3.73)