DEARBORN, MI— Gas prices in Michigan are down 9 cents from a week ago.
Michigan drivers are now paying an average of $3.11 per gallon for regular unleaded, which is a new 2023-low. This price is 29 cents less than this time last month and 16 cents less than this time last year.
Motorists are paying an average of $46 for a full 15-gallon tank of gasoline; a discount of about $32 from 2022's highest price last June.
According to new data from the Energy Information Administration (EIA), gas demand increased slightly from 8.21 to 8.47 million b/d. Meanwhile, total domestic gasoline stocks increased significantly by 5.4 million bbl to 223.6 million bbl. Despite low gas demand, supply growth has helped push pump prices lower. If oil prices remain low, drivers can expect pump prices to do the same during the holiday season.
At the close of Wednesday’s formal trading session, WTI decreased by $2.94 to settle at $69.38. Oil prices dropped due to market concerns that lackluster demand could continue to push supply up while prices slide through the remainder of 2023. Additionally, the EIA reported that total domestic commercial crude inventories decreased by 4.7 million bbl to 445 million bbl.
"Michigan motorists are seeing lower prices at the pump as the state average drops to a new 2023-low," said Adrienne Woodland, spokesperson, AAA-The Auto Club Group. "If oil prices remain low, drivers can expect gas prices to do the same during the holiday season."
Compared to last week, Metro Detroit’s average daily gas price decreased. Metro Detroit’s current average is $3.09 per gallon, about 11 cents less than last week’s average and 3 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 ($3.22), Jackson ($3.21), Lansing ($3.18)
- Least expensive gas price averages: Traverse City ($3.04), Benton Harbor ($3.07), Grand Rapids ($3.08)
