DEARBORN, Mich. (FOX 2) - Gas prices ticked up 9 cents from last week, setting a new annual high for 2023 as Michigan drivers are now paying $3.76 per gallon for regular unleaded fuel. It's 26 cents higher than this time last month.
That's no where close to where it was this time last year - however, it does add up to $56 for a 15-gallon tank of gas. Demand ticked up slightly last week, according to the Energy Information Administration. However, so did gasoline stocks as well.
Another driver of energy costs include cuts to production and an exceptionally warm summer for the U.S.
The AAA in Dearborn says that lower gas demand and increasing supply will lead to prices slowing down.
"Gas prices across Michigan continue to rise, reaching the highest prices so far this year," said Adrienne Woodland, a spokeswoman for the Auto Club. "Lower gas demand amid increasing supply will likely help to slow price increases."
The most expensive gas prices were in Ann Arbor where the average price for fuel was $3.82 a gallon. The cheapest is in Flint at $3.73 a gallon.