Michigan gas prices up 7 cents from last week
DETROIT (FOX 2) - Michigan gas price averages are back up after falling last week, according to data from AAA.
A gallon of regular unleaded gas is now an average of $3.72 per gallon. This price is 1 cent more than this time last month and 7 cents from last time last week. This price is still 44 cents less than this time last year.
A full 15-gallon tank of gasoline will cost you about $55, down about $23 from 2022's highest price last June.
According to new data from the Energy Information Administration (EIA), gas demand rose slightly from 8.41 to 8.62 million b/d; however, it is below last year’s rate of 8.83 million b/d during the same week in September 2022. Meanwhile, total domestic gasoline stocks increased by 1 million bbl to 220.5 million bbl, AAA said.
At the close of Wednesday’s formal trading session, WTI increased by $3.29 to settle at $93.71. Oil prices increased sharply after the EIA reported that total commercial crude stocks decreased by 2.2 million bbl to 416.3 million bbl. The market is concerned that tight supply may not be robust enough to meet demand for the remainder of 2023. As a result, the price of oil could climb higher and keep pump prices elevated this fall.
"After slightly declining for most of last week, Michigan gas prices reversed course over the weekend," said Adrienne Woodland, spokesperson, AAA-The Auto Club Group. "Fluctuating oil prices have limited seasonal price decreases typically seen as the country settles into the lower-demand fall driving season."
Most expensive gas price averages:
- Jackson ($3.78)
- Ann Arbor ($3.78)
- Traverse City ($3.77)
Least expensive gas price averages:
- Metro Detroit ($3.69)
- Benton Harbor ($3.70)
- Marquette ($3.72)