Gas prices in Michigan jumped 18 cents, setting a new 2022-high. Michigan drivers are now paying an average of $3.55 per gallon for regular unleaded. This price is 33 cents more than this time last month and 79 cents more than this time last year.
Motorists are paying an average of $53 for a full 15-gallon tank of gasoline; an increase of about $2 from when prices were their highest last November.
According to new data from the Energy Information Administration (EIA), total domestic gasoline stocks decreased by 600,000 bbl to 246.5 million bbl. On the other hand, gasoline demand increased slightly from 8.57 million b/d to 8.66 million b/d. An increase in gas demand, alongside a reduction in total supply, is contributing to price increases, but increasing oil prices continue to play a leading role in pushing prices higher.
At the close of Thursday’s formal trading session, WTI increased by 71 cents to settle at $92.81 after climbing above $100 per barrel earlier. Crude prices surged after Russia launched its military invasion of Ukraine this morning. As the conflict escalates with more sanctions and retaliatory actions, the oil markets will likely respond by continuing to increase the price of crude oil to reflect more risk of disruption to tight global oil supplies. Additionally, EIA reported that total domestic crude stocks increased by 4.5 million bbl to 416 million bbl. The current stock level is approximately 10 percent lower than mid-February 2021, contributing to pressure on domestic crude prices.
“Surging oil prices have put upward pressure on Michigan pump prices pushing them to the highest prices since September 2014,” said Adrienne Woodland, spokesperson, AAA-The Auto Club Group. “If crude prices continue to climb, pump prices will likely follow suit.”
Compared to last week, Metro Detroit’s average daily gas price increased. Metro Detroit’s current average is $3.54 per gallon, about 14 cents more than last week’s average and 79 cents more than this same time last year.
Click here to view AAA’s state and metro gas averages
Most expensive gas price averages: Saginaw ($3.58), Lansing ($3.58), Benton Harbor ($3.57)
Least expensive gas price averages: Traverse City ($3.54), Metro Detroit ($3.54), Ann Arbor ($3.56)
Find Local Gas Prices
Daily national, state, and metro gas price averages can be found at Gasprices.aaa.com
Motorists can find the lowest gas prices on their smartphone or tablet with the free AAA Mobile app. The app can also be used to map a route, find discounts, book a hotel and access AAA roadside assistance.
Ways to Save on Gasoline
Combine errands to limit driving time.
Shop around for the best gas prices in your community.
Consider paying cash. Some retailers charge extra per gallon for customers who pay with a credit card.
Remove excess weight in your vehicle.
Drive conservatively. Aggressive acceleration and speeding reduces fuel economy.
Enroll in savings programs. AAA Members who enroll in Shell’s Fuel Rewards program can save 5 cents per gallon when they fill up at Shell. Click here for more information.
