DEARBORN, MI— Gas prices in Michigan are up 9 cents from a week ago, setting a new 2023-high. Michigan drivers are now paying an average of $3.76 per gallon for regular unleaded. This price is 26 cents more than this time last month but still 30 cents less than this time last year.
Motorists are paying an average of $56 for a full 15-gallon tank of gasoline; a discount of about $22 from 2022's highest price last June.
According to new data from the Energy Information Administration (EIA), gas demand decreased slightly from 8.94 to 8.84 million b/d. Meanwhile, total domestic gasoline stocks increased by 1.5 million bbl to 219.1 million bbl.
At the close of Wednesday’s formal trading session, WTI decreased by $1.88 to settle at $79.49. Oil prices tumbled after the U.S. credit rating declined, increasing market fears that oil demand could decline if the economy eases. If oil demand drops, prices would likely follow suit. Additionally, the EIA reported that total domestic, commercial crude inventories decreased by 17 million bbl to 439.8 million bbl.
"Gas prices across Michigan continue to rise, reaching the highest prices so far this year," said Adrienne Woodland, spokesperson, AAA-The Auto Club Group. "Lower gas demand amid increasing supply will likely help to slow price increases."
Compared to last week, Metro Detroit’s average daily gas price increased. Metro Detroit’s current average is $3.76 per gallon, which is a new 2023-high. This price is about 8 cents more than last week’s average but still 27 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 ($3.82), Marquette ($3.78), Benton Harbor ($3.78)
- Least expensive gas price averages: Flint ($3.73), Grand Rapids ($3.75), Metro Detroit ($3.76)
