DEARBORN, Mich. – Gas prices in Michigan are down 16 cents from a week ago, according to the AAA.
Drivers in Michigan are paying an average of $4.05 per gallon for regular unleaded gas. That is 17 cents more than this time last month and 76 cents more than this time last year.
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It is costing drivers an average of $60 for a full 15-gallon tank of gasoline. That’s an increase of about $9 from 2021′s highest price last November.
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“Michigan motorists continue to see pump prices decline with some metro areas across the state seeing averages below $4 a gallon,” said Adrienne Woodland, spokesperson, AAA-The Auto Club Group. “If demand continues to remain low, as oil prices slide, drivers could see pump prices continue to come down.”
“According to new data from the Energy Information Administration (EIA), gas demand increased slightly from 8.28 million b/d to 8.68 million b/d, and total domestic gasoline stocks decreased marginally from 209.5 million bbl to 209.4 million bbl. Although gasoline demand is up slightly, it remains nearly 1 million bbl lower than mid-October 2021. Coupled with fluctuating oil prices, low demand has contributed to the national average moving downward.
“At the close of Thursday’s formal trading session, WTI increased by 43 cents to settle at $85.98. Although crude prices increased after the EIA reported that total domestic commercial crude inventories dropped by 1.7 million bbl to 437.4 million bbl, the price of oil declined earlier last week due to ongoing market concerns about crude demand as fear of a recession has increased. If economic growth stalls or declines, crude demand is likely to follow suit alongside prices.”
AAA
The AAA said that compared to last week, Metro Detroit’s average daily gas price decreased. Metro Detroit drivers are now paying an average of $3.92 per gallon, which is 16 cents less than last week’s average but still 60 cents more than this time last year.
- Most expensive gas price averages: Marquette ($4.24), Jackson ($4.22), Saginaw ($4.18)
- Least expensive gas price averages: Metro Detroit ($3.92), Traverse City ($3.96), Ann Arbor ($4.07)
(Don’t see the map? Click here)