DEARBORN, Mich. – Gas prices in Michigan are up 13 cents from a week ago, according to AAA.
The average price for a gallon of regular unleaded gas in Michigan is now at $3.94. That’s 7 cents more than this time last month and 70 cents more than this time last year.
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Drivers are now paying an average of $59 for a full 15-gallon tank of gasoline. The national average for a gallon of gas declined for 98 days in a row, but reversed course last week.
According to new data from the Energy Information Administration (EIA), gas demand decreased from 8.49 million b/d to 8.32 million b/d. The EIA said total domestic gasoline stocks increased by 1.6 million bbl to 214.6 million bbl.
“At the close of Wednesday’s formal trading session, WTI decreased by $1.00 to settle at $82.94. Crude prices declined after the Federal Reserve announced that it would raise interest rates again, continuing its efforts to curb inflation. However, the market is concerned that those efforts could lead to a recession, which would likely cause crude demand and prices to decrease. EIA’s latest weekly report also showed that total commercial crude inventories increased by 1.2 million bbl to 430.8 million bbl.”
AAA
The AAA said tight supply and fluctuating oil prices have increased the national average. If gas demand remains low and continues to drop, pump price increases are expected to be minimized as the supply increases.
“Michigan motorists are paying more at the pump this week, with some metro areas seeing prices above $4 a gallon,” said Adrienne Woodland, spokesperson, AAA-The Auto Club Group.
Metro Detroit’s current average is $4.00 per gallon, about 9 cents more than last week’s average and 72 cents more than this time last year.
The most expensive gas price averages are in Marquette ($4.02), Metro Detroit ($4.00), Ann Arbor ($3.96). The least expensive gas price averages are in Traverse City ($3.84), Grand Rapids ($3.87), Lansing ($3.89).
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