Michigan gas prices rise 3 cents
DEARBORN, MI— Gas prices in Michigan are up 3 cents from a week ago. Michigan drivers are now paying an average of $3.60 per gallon for regular unleaded. This price is 10 cents more than this time last month but still 99 cents less than this time last year.
Motorists are paying an average of $54 for a full 15-gallon tank of gasoline; a discount of about $24 from 2022's highest price last June.
According to new data from the Energy Information Administration (EIA), gas demand increased from 8.91 to 9.43 million b/d. Rising demand has helped to boost pump prices. Meanwhile, total domestic gasoline stocks decreased by 2 million bbl to 216.3 million bbl.
At the close of Wednesday’s formal trading session, WTI increased by $1.43 to settle at $74.34. Oil prices rose amid growing market optimism that energy demand is rebounding. However, price increases were capped due to the market also expecting another interest rate increase from the U.S. Federal Reserve, which could result in the economy tipping into a recession. If the economy enters a recession, oil demand and prices would likely decline. Additionally, the EIA reported that total domestic commercial crude inventories decreased significantly by 12.4 million bbl to 455.2 million bbl.
"An increase in demand ahead of Memorial Day helped to push Michigan pump prices slightly higher," said Adrienne Woodland, spokesperson, AAA-The Auto Club Group. "If gas demand declines post holiday, motorists could see some stability at the pump."
Compared to last week, Metro Detroit’s average daily gas price increased. Metro Detroit’s current average is $3.59 per gallon, about 7 cents more than last week’s average but still $1.09 less than this same time last year.
Click here to view AAA's state and metro gas averages.
- Most expensive gas price averages: Marquette ($3.70), Benton Harbor ($3.65), Jackson ($3.64)
- Least expensive gas price averages: Flint ($3.58), Metro Detroit ($3.59), Lansing ($3.60)