DEARBORN, MI— Gas prices in Michigan are up 4 cents from last week. Michigan drivers are now paying an average of $3.20 per gallon for regular unleaded. This price is 19 cents less than this time last month and 26 cents less than this time last year.
Motorists are paying an average of $48 for a full 15-gallon tank of gasoline; a discount of about $30 from 2022's highest price last June.
According to new data from the Energy Information Administration (EIA), gas demand decreased from 8.48 to 8.21 million b/d. Meanwhile, total domestic gasoline stocks increased by 1.8 million bbl to 218.2 million bbl.
At the close of Wednesday’s formal trading session, WTI increased by $1.45 to settle at $77.86. Oil prices increased due to market concerns that OPEC+ will maintain its production reduction agreement through 2024. A tight oil supply could elevate prices if demand moves higher than expected. Additionally, the EIA reported that total domestic commercial crude inventories increased by 1.6 million bbl to 449.7 million bbl.
"After several weeks of steady decline, Michigan motorists are now seeing slightly higher prices at the pump," said Adrienne Woodland, spokesperson, AAA-The Auto Club Group. "If gas demand remains low, it could help limit further pump price increases."
Compared to last week, Metro Detroit’s average daily gas price decreased slightly. Metro Detroit’s current average is $3.20 per gallon, about 2 cents less than last week’s average and 10 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 ($3.28), Traverse City ($3.26), Ann Arbor ($3.26)
- Least expensive gas price averages: Benton Harbor ($3.17), Metro Detroit ($3.20), Flint ($3.21)
