DEARBORN, MI— Gas prices in Michigan are down 11 cents from a week ago. Michigan drivers are now paying an average of $3.38 per gallon for regular unleaded. This price is 23 cents less than this time last month and 94 cents less than this time last year.
Motorists are paying an average of $50 for a full 15-gallon tank of gasoline; a discount of about $28 from 2022's highest price last June.
According to new data from the Energy Information Administration (EIA), gas demand decreased significantly from 9.51 to 8.62 million b/d. The drop in demand is more in line with what market observers expected. The estimate could be revised when EIA releases final demand measurements for May. Meanwhile, total domestic gasoline stocks increased by 1.8 million bbl to 222.9 million bbl. Lower demand, alongside an increase in stocks, has contributed to pushing pump prices lower.
At the close of Wednesday’s formal trading session, WTI decreased by $3.06 to settle at $68.60. Oil prices decreased amid ongoing market concerns that rising interest rates will tip the economy into a recession. If a recession occurs, oil demand and prices will likely decline. Additionally, the EIA reported that total domestic commercial crude inventories decreased by 1.3 million bbl to 459.6 million bbl.
"Michigan motorists continue to see lower prices at the pump for the third straight week," said Adrienne Woodland, spokesperson, AAA-The Auto Club Group. "If demand remains low, drivers will likely see gas prices continue to decline."
Compared to last week, Metro Detroit’s average daily gas price decreased. Metro Detroit’s current average is $3.39 per gallon, about 9 cents less than last week’s average and 89 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 ($3.65), Marquette ($3.52), Ann Arbor ($3.47)
- Least expensive gas price averages: Grand Rapids ($3.33), Flint ($3.33), Benton Harbor ($3.35)
