Gas prices in Michigan are up 5 cents from a week ago. Michigan drivers are now paying an average of $4.38 per gallon for regular unleaded, a new record high. This price is 48 cents more than this time last month and $1.43 more than this time last year.
Motorists are paying an average of $65 for a full 15-gallon tank of gasoline; an increase of about $14 from when prices were their highest last November.
According to new data from the Energy Information Administration (EIA), total domestic gasoline stocks decreased by 3.6 million bbl to 225 million bbl. Gasoline demand also decreased slightly from 8.86 million b/d to 8.7 million b/d. Typically, lower demand would put downward pressure on pump prices. However, crude prices remain volatile, and as they surge, pump prices follow suit.
At the close of Wednesday’s formal trading session, WTI increased by $5.95 to settle at $105.71. At the beginning of last week, the price of crude oil slid below $100 per barrel due to global market concern that crude demand will suffer as COVID lockdowns in China remain in place. However, crude prices reversed course over growing market worries that Ukrainian and European Union actions against Russian oil-and-natural gas companies could spark retaliation by Russia that leads to more market disruption and uncertainty. Crude prices rose despite EIA reporting that domestic crude supply increased by 8.5 million bbl to 424.2 million bbl. The current level is approximately 12.5 percent lower than during the first week of May 2021.
“Despite the slight decrease in demand, Michigan gas prices continue to increase, setting a new record high,” said Adrienne Woodland, spokesperson, AAA-The Auto Club Group. “Pump prices will likely face upward pressure if gasoline stocks continue to decrease and oil prices remain above $105 per barrel.”
Compared to last week, Metro Detroit’s average daily gas price increased, setting a new record high. Metro Detroit’s current average is $4.44 per gallon, about 14 cents more than last week’s average and $1.44 more than this same time last year.
Click here to view AAA’s state and metro gas averages
Most expensive gas price averages: Marquette ($4.49), Metro Detroit ($4.44), Ann Arbor ($4.41)
Least expensive gas price averages: Traverse City ($4.21), Saginaw ($4.31), Grand Rapids ($4.32)
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.
