Michigan gas prices down 20 cents from last week; average now 76 cents less than last month
DETROIT (FOX 2) - Michigan gas prices are down again headed into the new week.
According to AAA, the average for an unleaded gallon of gasoline is now $4.24, down 20 cents from last week. This is 76 cents less than this time last month, but $1.04 more than this time last year.
A full 15-gallon tank of gasoline costs about $63, an increase of about $12 from 2021's highest price last November.
Gas pries also dropped in Metro Detroit by about 22 cents. Drivers are now paying an average of $4.20 for a gallon of unleaded gas
"Despite an increase in demand, Michigan pump prices continue to decline," said Adrienne Woodland, spokesperson for AAA-The Auto Club Group. "If demand continues to increase, alongside a drop in stocks, motorists could see a slow down in the price decreases at the pump."
According to new data from the Energy Information Administration (EIA), gas demand increased from 8.52 million b/d to 9.25 million b/d. The estimated rate is 80,000 b/d lower than last year, but it could pressure pump prices and slow price decreases if the trend holds. Additionally, total domestic gasoline stocks decreased by 3.3 million bbl to 225.1 million bbl, signaling that higher demand reduced inventory last week. At the close of Wednesday’s formal trading session, WTI increased by $2.28 to settle at $97.26. Crude prices increased last week as market concerns about weakening demand this summer have eased after the EIA reported that total domestic crude stocks decreased by 4.5 million bbl to 422.1 million bbl, 13.5 million bbl lower than the storage level at the end of July 2021.
Most expensive Michigan gas price averages:
- Marquette ($4.55)
- Traverse City ($4.47)
- Ann Arbor ($4.37)
Least expensive Michigan gas price averages:
- Flint ($4.16)
- Grand Rapids ($4.18)
- Benton Harbor ($4.19)