Michigan gas prices down 7 cents after last week's spike
DETROIT (FOX 2) - Gas prices are trending downward in Michigan after the average spiked 9 cents last week.
The average price for a gallon of unleaded gas is $3.65, according to data from AAA. This is down 7 cents from last week and down 15 cents from this time last month. Compared to this time last year, the price is down 24 cents.
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, of AAA-The Auto Club Group. "Higher gas demand, alongside elevated oil prices, could reverse this downward trend."
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)