DEARBORN, MI— Gas prices in Michigan are down 7 cents from last week. Michigan drivers are now paying an average of $3.49 per gallon for regular unleaded. This price is 5 cents less than this time last month and 96 cents 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 8.76 to 8.86 million b/d. Meanwhile, total domestic gasoline stocks fell from 219.5 to 218.4 million bbl.
At the close of Wednesday’s formal trading session, WTI decreased by 40 cents to settle at $75.35. Oil prices slid in response to market concerns that crude demand may soften in the months ahead. Due to extended repair timelines at refineries, lower refinery oil usage rates could influence how much oil prices decline. Additionally, the EIA reported that total domestic commercial crude inventories decreased by 700,000 bbl to 457.4 million bbl.
"Despite a slight increase in demand, Michigan motorists are seeing lower prices at the pump," said Adrienne Woodland, spokesperson, AAA-The Auto Club Group. "If demand continues to climb, alongside tightening supply, gas prices could 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 4 cents less than last week’s average and 89 cents less than this same time last year.
Click here to view AAA's state and metro gas averages
- Most expensive gas price averages: Ann Arbor ($3.56), Metro Detroit ($3.55), Marquette ($3.52)
- Least expensive gas price averages: Grand Rapids ($3.41), Benton Harbor ($3.42), Saginaw ($3.44)
