DEARBORN, MI— Gas prices in Michigan are up 7 cents from a week ago.
Michigan drivers are now paying an average of $3.72 per gallon for regular unleaded. This price is 1 cent more than this time last month but still 44 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 rose slightly from 8.41 to 8.62 million b/d; however, it is below last year’s rate of 8.83 million b/d during the same week in September 2022. Meanwhile, total domestic gasoline stocks increased by 1 million bbl to 220.5 million bbl.
At the close of Wednesday’s formal trading session, WTI increased by $3.29 to settle at $93.71. Oil prices increased sharply after the EIA reported that total commercial crude stocks decreased by 2.2 million bbl to 416.3 million bbl. The market is concerned that tight supply may not be robust enough to meet demand for the remainder of 2023. As a result, the price of oil could climb higher and keep pump prices elevated this fall.
"After slightly declining for most of last week, Michigan gas prices reversed course over the weekend," said Adrienne Woodland, spokesperson, AAA-The Auto Club Group. "Fluctuating oil prices have limited seasonal price decreases typically seen as the country settles into the lower-demand fall driving season."
Compared to last week, Metro Detroit’s average daily gas price decreased slightly. Metro Detroit’s current average is $3.69 per gallon, about 4 cents less than last week’s average and 49 cents less than this same time last year.
Click here to view AAA's state and metro gas averages.
- Most expensive gas price averages: Jackson ($3.78), Ann Arbor ($3.78), Traverse City ($3.77)
- Least expensive gas price averages: Metro Detroit ($3.69), Benton Harbor ($3.70), Marquette ($3.72)
