Gas prices in Michigan are down 23 cents from a week ago, ahead of Thanksgiving where AAA forecasts 1.5 million Michiganders will set out for a holiday road trip. Michigan drivers are now paying an average of $3.81 per gallon for regular unleaded. This price is 31 cents less than this time last month but still 45 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 9.01 million b/d to 8.74 million b/d. Meanwhile, total domestic gasoline stocks rose by nearly 2.2 million bbl to 207.9 million bbl. Increasing supply and falling gasoline demand have contributed to pushing pump prices lower. As demand remains low and stocks grow, drivers will likely continue to see pump prices decline.
At the close of Wednesday’s formal trading session, WTI decreased by $1.33 to settle at $85.59. Crude prices dropped despite the EIA reporting that total domestic commercial crude stocks dramatically fell by 5.4 million bbl. Instead, prices declined because the market is concerned that oil demand could decrease due to growing economic concerns. If economic growth stalls or reverses course, crude demand will likely follow suit alongside prices.
Despite the recent declines, pump prices could still set new record highs for the holiday. In Michigan, the highest daily average price for Thanksgiving was set back in 2012, at $3.61 per gallon, which is 20 cents less than our current average price of $3.81 per gallon.
“Higher gas prices don’t seem to be enough to stop people from traveling to be with family and friends,” said Adrienne Woodland, spokeswoman, AAA – The Auto Club Group. “We’ve found that when gas prices are high, travelers look to offset the added cost by spending less on a hotel, shopping or dining out.”
Compared to last week, Metro Detroit’s average daily gas price decreased. Metro Detroit’s current average is $3.65 per gallon, about 29 cents less than last week’s average but still 28 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 ($3.95), Grand Rapids ($3.94), Benton Harbor ($3.94)
Least expensive gas price averages: Metro Detroit ($3.65), Ann Arbor ($3.80), Lansing ($3.84)
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.
