DEARBORN,MI— Gas prices in Michigan are up 5 cents from a week ago. Michigan drivers are now paying an average of $3.62 per gallon for regular unleaded. This price is 31 cents more than this time last month and 9 cents more than this time last year.
Motorists are paying an average of $54 for a full 15-gallon tank of gasoline; a discount of about $4 from 2023's highest price last August.
According to new data from the Energy Information Administration (EIA), gas demand dipped slightly from 8.81 to 8.72 million b/d. Meanwhile, total domestic gasoline stocks increased by 1.3 million bbl to 232.1 million bbl. Lower demand would typically contribute to pushing pump prices lower or slowing increases, but rising oil prices have kept them elevated instead.
At the close of Wednesday’s formal trading session, WTI decreased by 27 cents to settle at $81.35. Oil prices fell after the EIA reported that total domestic commercial crude stocks increased by 3.2 million bbl to 448.2 million bbl. Although stocks increased when compared to a year ago, the current stock level is 25.5 million bbl lower than at the end of March 2023.
"Despite the slight decrease in demand, Michigan gas prices are up compared to last week," said Adrienne Woodland, spokesperson, AAA-The Auto Club Group. "Pump prices will likely face upward pressure if gasoline stocks continue to decrease alongside rising oil prices."
Compared to last week, Metro Detroit’s average daily gas price increased slightly. Metro Detroit’s current average is $3.58 per gallon, about 2 cents more than last week’s average and 8 cents more than this same time last year.
Click here to view AAA's state and metro gas averages.
- Most expensive gas price averages: Jackson ($3.66), Benton Harbor ($3.65), Grand Rapids ($3.65)
- Least expensive gas price averages: Marquette ($3.52), Metro Detroit ($3.58), Traverse City ($3.60)
