DEARBORN, MI— Gas prices in Michigan dropped after setting a new 2023-high of $3.92 last Monday.
Michigan drivers are now paying an average of $3.86 per gallon for regular unleaded, which is down 5 cents from this time last week. This price is 34 cents more than this time last month but still 5 cents less than this time last year.
Motorists are paying an average of $57 for a full 15-gallon tank of gasoline; a discount of about $21 from 2022's highest price last June.
According to new data from the Energy Information Administration (EIA), gas demand slid from 9.30 to 8.85 million b/d. Meanwhile, total domestic gasoline stocks slightly decreased from 216.4 to 216.2 million bbl. Although demand has fallen, fluctuating oil prices have kept pump prices elevated.
At the close of Wednesday’s formal trading session, WTI decreased by $1.61 to settle at $79.38. Oil prices declined amid ongoing concern that if interest rates continue to increase, the economy could tip into a recession. If it does, oil demand and prices would likely decline. Additionally, the EIA reported that total domestic commercial crude inventories decreased from 445.6 to 439.7 million bbl.
"Michigan's gas prices have steadily declined after setting a new 2023-high," said Adrienne Woodland, spokesperson, AAA-The Auto Club Group. "While demand has decreased slightly, gas prices may continue to fluctuate through mid-September."
Metro Detroit’s average daily gas price declined slightly after setting a new 2023-high of $3.88 on Tuesday. Metro Detroit’s current average is $3.85 per gallon, about 2 cents less than last week’s average and 14 cents less than this same time last year.
Click here to view AAA's state and metro gas averages.
- Most expensive gas price averages: Marquette ($4.00), Jackson ($3.92), Traverse City ($3.90)
- Least expensive gas price averages: Saginaw ($3.84), Flint ($3.84), Metro Detroit ($3.85)
