DEARBORN, MI— Gas prices in Michigan are down 7 cents from a week ago. Michigan drivers are now paying an average of $3.47 per gallon for regular unleaded. This price is 17 cents less than this time last month and $1.35 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 increased slightly from 9.31 to 9.6 million b/d. Meanwhile, total domestic gasoline stocks decreased by 2.5 million bbl to 219.5 million bbl. Rising gas demand amid decreasing supply will likely push pump prices higher.
At the close of Wednesday’s formal trading session, WTI increased by $2 to settle at $71.79. Oil prices increased last week due to market concerns that supply may be tight through the remainder of 2023. However, price increases have been capped due to ongoing market fears that a recession will occur. If a recession occurs, oil demand and prices will likely decline. Additionally, the EIA reported that total domestic commercial crude inventories decreased by 1.5 million bbl to 452.2 million bbl.
"Michigan motorists are seeing a decline in prices at the pump compared to last week," said Adrienne Woodland, spokesperson, AAA-The Auto Club Group. "If demand continues to rise, drivers could see gas prices increase."
Compared to last week, Metro Detroit’s average daily gas price decreased slightly. Metro Detroit’s current average is $3.55 per gallon, about 3 cents less than last week’s average and $1.35 less than this same time last year.
Click here to view AAA's state and metro gas averages
- Most expensive gas price averages: Marquette ($3.56), Metro Detroit ($3.55), Ann Arbor ($3.53)
- Least expensive gas price averages: Benton Harbor ($3.36), Grand Rapids ($3.39), Flint ($3.40)
