DEARBORN, MI— Gas prices in Michigan are down 8 cents from a week ago. Michigan drivers are now paying an average of $3.53 per gallon for regular unleaded. This price is 10 cents more than this time last month but still $1.49 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 decreased from 9.43 to 9.1 million b/d. Lower demand has helped to cap increases in pump prices. Meanwhile, total domestic gasoline stocks dropped slightly to 216.1 million bbl.
At the close of Wednesday’s formal trading session, WTI decreased by $1.37 to settle at $68.09. Oil prices fell amid a strengthening dollar and growing market concern that global energy demand could slow due to reduced manufacturing activity in China — the world’s top crude oil importer. Additionally, the EIA reported that total domestic commercial crude inventories increased significantly by 4.5 million bbl to 459.7 million bbl.
"Michigan drivers are seeing lower prices at the pump after the holiday," said Adrienne Woodland, spokesperson, AAA-The Auto Club Group. "If gas demand declines, drivers will likely see pump prices continue to fall."
Compared to last week, Metro Detroit’s average daily gas price decreased. Metro Detroit’s current average is $3.55 per gallon, about 4 cents less than last week’s average and $1.53 less than this same time last year.
Click here to view AAA's state and metro gas averages.
- Most expensive gas price averages: Jackson ($3.57), Traverse City ($3.57), Marquette ($3.55)
- Least expensive gas price averages: Flint ($3.48), Lansing ($3.52), Grand Rapids ($3.52)
