DEARBORN, MI— Gas prices in Michigan are up 12 cents from a week ago. Michigan drivers are now paying an average of $3.65 per gallon for regular unleaded. This price is 30 cents more than this time last month but still $1.57 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 slightly from 9.1 to 9.22 million b/d. Meanwhile, total domestic gasoline stocks rose by 2.7 million bbl to 218.8 million bbl. Although gas demand increased, increasing stocks and fluctuating oil prices have contributed to limiting increases.
At the close of Wednesday’s formal trading session, WTI increased by 79 cents to settle at $72.53. Oil prices rose amid market optimism that summer demand may be more robust than expected, pushing prices higher than expected. Price increases were capped last week despite the announcement from the Organization of the Petroleum Exporting Countries (OPEC) and its allies, including Russia, known as OPEC+, that member nations would continue to keep their production reduction agreement from May 2023 in place through 2024, and Saudi Arabia approved an additional cut of 1 million b/d starting in July 2023. Additionally, the EIA reported that total domestic commercial crude inventories decreased by 500,000 bbl to 459.2 million bbl.
"While Michigan motorists are seeing higher prices at the pump compared to last week, these prices are still $1.57 less than the record high gas prices from this time last year," said Adrienne Woodland, spokesperson, AAA-The Auto Club Group.
Compared to last week, Metro Detroit’s average daily gas price increased. Metro Detroit’s current average is $3.67 per gallon, about 12 cents more than last week’s average but still $1.62 less than this same time last year.
Click here to view AAA's state and metro gas averages
- Most expensive gas price averages: Marquette ($3.71), Metro Detroit ($3.67), Ann Arbor ($3.67)
- Least expensive gas price averages: Flint ($3.62), Grand Rapids ($3.63), Saginaw ($3.64)
