Gas prices in Michigan are down 4 cents from a week ago. Michigan drivers are now paying an average of $3.81 per gallon for regular unleaded. This price is 13 cents less than this time last month but still 65 cents more than this time last year.
Motorists are paying an average of $57 for a full 15-gallon tank of gasoline; an increase of about $6 from 2021’s highest price last November.
According to new data from the Energy Information Administration (EIA), gas demand decreased from 8.73 million b/d to 8.49 million b/d. Moreover, according to the EIA, total domestic gasoline stocks declined by 1.8 million bbl to 213 million bbl. Although gasoline demand has decreased, fluctuating oil prices have led to smaller pump price decreases. If oil prices continue to rise, the national average will likely reverse as pump prices increase.
At the close of Wednesday’s formal trading session, WTI increased by $1.17 to settle at $88.48. Although crude prices increased due to a weakening dollar, prices decreased earlier in the week after the Consumer Price Index showed that inflation remains stronger than expected. This sparked market fears that the Federal Reserve could take more drastic measures that could lead to a recession, which would likely lead to a drop in crude demand and prices. EIA’s latest weekly report also showed that total commercial crude inventories increased by 2.4 million bbl to 429.6 million bbl.
“After some price fluctuations, Michigan motorists are beginning to see prices drop once again,” said Adrienne Woodland, spokesperson, AAA-The Auto Club Group. “If demand continues to fall, alongside lower crude prices, then gas prices will likely continue to decline.”
Compared to last week, Metro Detroit’s average daily gas price decreased. Metro Detroit’s current average is $3.91 per gallon, about 3 cents less than last week’s average but still 65 cents more than this same time last year.
Click here to view AAA’s state and metro gas averages
Most expensive gas price averages: Metro Detroit ($3.91), Ann Arbor ($3.88), Traverse City ($3.86)
Least expensive gas price averages: Grand Rapids ($3.68), Benton Harbor ($3.70), Lansing ($3.72)
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.
