MI gas prices jump 9 cents from a week ago
DEARBORN, MI— Gas prices in Michigan are up 9 cents from a week ago.
AAA Michigan says drivers are now paying an average of $3.72 per gallon for regular unleaded. This price is 18 cents less than this time last month and 9 cents less than this time last year.
Motorists are paying an average of $55 for a full 15-gallon tank of gasoline; a discount of about $23 from 2022's highest price last June.
According to new data from the Energy Information Administration (EIA), gas demand decreased significantly from 9.32 to 8.31 million b/d. Meanwhile, total domestic gasoline stocks jumped from 214.7 to 220.3 million bbl.
At the close of Wednesday’s formal trading session, WTI decreased by 32 cents to settle at $88.52. Oil prices fell after the EIA reported that total domestic commercial crude inventories increased by 4 million bbl to 420.6 million bbl. However, earlier last week, crude prices rallied amid ongoing market concern that global oil supply will remain tight for the remainder of 2023. According to the International Energy Agency’s September 2023 Oil Market Report, production cuts from Saudi Arabia and other members of the Organization of the Petroleum Exporting Countries will lead to an oil supply shortfall this fall and winter.
"After weeks of steady decline, Michigan motorists are now seeing higher gas prices across the state," said Adrienne Woodland, spokesperson, AAA-The Auto Club Group. "Although gas demand has dropped amid increasing stocks, elevated oil prices have pushed pump prices higher."
Compared to last week, Metro Detroit’s average daily gas price increased. Metro Detroit’s current average is $3.78 per gallon, about 7 cents more than last week’s average but still 20 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 ($3.78), Metro Detroit ($3.78), Marquette ($3.71)
- Least expensive gas price averages: Benton Harbor ($3.61), Grand Rapids ($3.66), Saginaw ($3.66)