Michigan gas prices highest in 3 months

Michigan gas prices spike

Michigan gas prices jumped 18 cents from last week, bringing prices to the highest they've been in three months.

DETROIT (FOX 2) - Michigan gas prices jumped an average of 18 cents from last week, making prices the highest they have been in three months, AAA said.

Drivers are paying an average of $3.67 per gallon for regular unleaded, with a 15-gallon tank of gas costing about $55. This is 11 cents more than this time last month.

While prices have spiked, they are still 56 cents less per gallon than this time last year, and a 15-gallon tank is about $23 cheaper than 2022's highest price last June.

"Michigan motorists are seeing the highest gas prices in over three months," said Adrienne Woodland, spokesperson, AAA-The Auto Club Group. "With supplies tight, if demand climbs, pump prices will likely follow suit."

According to new data from the Energy Information Administration (EIA), gas demand increased slightly from 8.76 to 8.86 million b/d. Meanwhile, total domestic gasoline stocks fell from 219.5 to 218.4 million bbl.

At the close of Wednesday’s formal trading session, WTI decreased by 40 cents to settle at $75.35. Oil prices slid in response to market concerns that crude demand may soften in the months ahead. Due to extended repair timelines at refineries, lower refinery oil usage rates could influence how much oil prices decline. Additionally, the EIA reported that total domestic commercial crude inventories decreased by 700,000 bbl to 457.4 million bbl.