DEARBORN, MI— Gas prices in Michigan are up 1 cent from a week ago. Michigan drivers are now paying an average of $2.96 per gallon for regular unleaded. This price is 21 cents less than this time last month and 3 cents less than this time last year.
Motorists are paying an average of $44 for a full 15-gallon tank of gasoline; a discount of about $34 from 2022's highest price last June.
According to new data from the Energy Information Administration (EIA), gas demand dipped slightly from 8.86 to 8.75 million b/d. Meanwhile, total domestic gasoline stocks increased slightly by 2.7 million bbl to 226.7 million bbl. Robust gas demand and elevated oil prices have jolted pump prices as the US enters winter. With drivers heading to their holiday destinations, they may continue to see pump prices fluctuate slightly during this heavy travel season.
At the close of Wednesday’s formal trading session, WTI increased by 28 cents to settle at $74.22. Oil prices rose last week due to attacks on tankers in the Red Sea, leading to re-routing vessels around the Cape of Good Hope, which requires increased transportation costs. Additionally, the EIA reported that total domestic commercial crude inventories rose by nearly 3 million bbl to 443.7 million bbl.
"Despite the busy roadways and a slight spike in prices ahead of Christmas, Michigan motorists are paying similar pump prices compared to this time last week," said Adrienne Woodland, spokesperson, AAA-The Auto Club Group. "With drivers heading home from their holiday destinations, we may see pump prices continue to fluctuate slightly during this heavy travel season."
Compared to last week, Metro Detroit’s average daily gas price held steady. Metro Detroit’s current average is $2.98 per gallon, about 1 cent more 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: Ann Arbor ($3.03), Jackson ($3.01), Marquette ($3.01)
- Least expensive gas price averages: Grand Rapids ($2.93), Flint ($2.93), Benton Harbor ($2.93)
