May brings lower gas prices to MI
DEARBORN, MI— Gas prices in Michigan dropped 13 cents compared to last week. Michigan drivers are now paying an average of $3.49 per gallon for regular unleaded. This price is 3 cents less than this time last month and 53 cents less 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 (EIA), gas demand increased significantly from 8.52 to 9.51 million b/d. The spike in demand surprised market observers, but the estimate could be revised when EIA releases final demand measurements for April. Meanwhile, total domestic gasoline stocks decreased by 2.4 million bbl to 221.1 million bbl. Higher demand, alongside a decline in stocks, would typically push pump prices up; however, fluctuating oil prices have pushed them lower.
At the close of Wednesday’s formal trading session, WTI decreased by $2.77 to settle at $74.30. Oil prices fell amid ongoing market concerns that low consumer confidence could contribute to a recession this year. If a recession occurs, oil demand and prices will likely decline. Additionally, the EIA reported that total domestic commercial crude inventories decreased by 5.1 million bbl to 460.9 million bbl.
"As we enter the month of May, Michigan motorists are seeing the lowest gas prices of the past 4 weeks," said Adrienne Woodland, spokesperson, AAA-The Auto Club Group. "If oil prices continue to decline, pump prices will likely follow suit."
Compared to last week, Metro Detroit’s average daily gas price decreased. Metro Detroit’s current average is $3.48 per gallon, about 12 cents less than last week’s average and 57 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 ($3.71), Marquette ($3.65), Ann Arbor ($3.55)
- Least expensive gas price averages: Grand Rapids ($3.46), Flint ($3.46), Metro Detroit ($3.48)