DEARBORN, MI— Gas prices in Michigan are up 23 cents from a week ago. Michigan drivers are now paying an average of $3.57 per gallon for regular unleaded. This price is 8 cents less than this time last month and a $1 less than this time last year.
Motorists are paying an average of $53 for a full 15-gallon tank of gasoline; a discount of about $25 from 2022's highest price last June.
According to new data from the Energy Information Administration (EIA), gas demand declined from 9.30 to 8.91 million b/d. The drop has reduced pressure on pump prices. Meanwhile, total domestic gasoline stocks decreased by 1.4 million bbl to 218.3 million bbl.
At the close of Wednesday’s formal trading session, WTI increased by $1.97 to settle at $72.83. Oil prices rose amid growing market optimism that global energy demand is rebounding, particularly since China is recovering faster than originally expected following the lifting of its COVID restrictions. Additionally, the EIA reported that total domestic commercial crude inventories increased by 5 million bbl to 467.6 million bbl.
Michigan motorists are seeing a sharp spike in gas prices ahead of Memorial Day Weekend, where more than 1.1 million Michiganders are expected to hit the roadways. Despite the recent increases, it’s unlikely that prices will come anywhere near the state average that holiday travelers paid last year of $4.60 per gallon.
"While Michigan drivers are seeing a double-digit increase in pump prices compared to this time last week, prices have held steady over the past few days," said Adrienne Woodland, spokesperson, AAA-The Auto Club Group. "If gas demand increases ahead of Memorial Day weekend, drivers could see pump prices move higher."
Compared to last week, Metro Detroit’s average daily gas price increased. Metro Detroit’s current average is $3.51 per gallon, about 14 cents more than last week’s average but still $1.07 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), Jackson ($3.64), Lansing ($3.61)
- Least expensive gas price averages: Metro Detroit ($3.51), Benton Harbor ($3.54), Saginaw ($3.59)
