DEARBORN, MI— Gas prices in Michigan are down 7 cents from a week ago.
Michigan drivers are now paying an average of $3.58 per gallon for regular unleaded. This price is 3 cents more than this time last month but still $1.60 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 decreased slightly from 9.22 to 9.19 million b/d. Meanwhile, total domestic gasoline stocks increased by 2.1 million bbl to 220.9 million bbl. Lower gas demand amid increasing supply has helped to limit pump price increases.
At the close of Wednesday’s formal trading session, WTI decreased by $1.15 to settle at $68.27. Oil prices declined due to market concerns about the U.S. Federal Reserve resuming interest rate increases, which could 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 increased significantly by 7.9 million bbl to 467.1 million bbl.
"Michigan motorists are seeing a slight drop in gas prices to start the week," said Adrienne Woodland, spokesperson, AAA-The Auto Club Group. "If demand remains tepid, pump prices will likely fluctuate moderately through this week."
Compared to last week, Metro Detroit’s average daily gas price decreased slightly. Metro Detroit’s current average is $3.64 per gallon, about 3 cents less than last week’s average and $1.64 less than this same time last year.
Click here to view AAA's state and metro gas averages
- Most expensive gas price averages: Marquette ($3.67), Metro Detroit ($3.64), Ann Arbor ($3.62)
- Least expensive gas price averages: Flint ($3.51), Saginaw ($3.52), Benton Harbor ($3.52)
