AAA: Michigan gas prices down 7 cents from last week
MICHIGAN (WLUC) - Gas prices in Michigan are down 7 cents from last week.
According to a press release from AAA, Michigan drivers are now paying an average of $3.65 per gallon for regular unleaded. This price is 15 cents less than this time last month and 24 cents less than this time last year.
Motorists are paying an average of $54 for a full 15-gallon tank of gasoline; a discount of about $24 from 2022′s highest price last June.
According to new data from the Energy Information Administration (EIA), gas demand rose slightly from 8.31 to 8.41 million b/d. Meanwhile, total domestic gasoline stocks declined slightly from 220.3 to 219.5 million bbl.
At the close of Wednesday’s formal trading session, WTI decreased by 92 cents to settle at $90.28. Oil prices decreased due to ongoing market concerns that energy demand could be lowered if future interest rate increases tip the U.S. economy into a recession. Additionally, prices declined despite the EIA reporting that total commercial crude stocks decreased by 2.1 million bbl to 418.5 million bbl.
“Despite the slight increase in demand, Michigan motorists are seeing lower prices at the pump,” said Adrienne Woodland, spokesperson, AAA-The Auto Club Group. “Higher gas demand, alongside elevated oil prices, could reverse this downward trend.”
Compared to last week, Metro Detroit’s average daily gas price decreased. Metro Detroit’s current average is $3.73 per gallon, about 5 cents less than last week’s average and 20 cents less than this same time last year.
Click here to view AAA’s state and metro gas averages
- Most expensive gas price averages: Marquette ($3.78), Metro Detroit ($3.73), Ann Arbor ($3.73)
- Least expensive gas price averages: Grand Rapids ($3.54), Flint ($3.56), Saginaw ($3.57)
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