The Michigan state average is up 15 cents compared to last week
DEARBORN, Mich., (August 14, 2023) - Gas prices in Michigan are up 15 cents from a week ago, setting a new 2023-high for the second consecutive week. Michigan drivers are now paying an average of $3.91 per gallon for regular unleaded. This price is 44 cents more than this time last month but 4 cents less than this time last year.
Motorists are paying an average of $58 for a full 15-gallon tank of gasoline; a discount of about $20 from 2022’s highest price last June.
According to new data from the Energy Information Administration (EIA), gas demand jumped from 8.84 to 9.30 million b/d last week. Meanwhile, total domestic gasoline stocks decreased from 219.1 to 216.4 million bbl. Higher demand, amid tighter supply, has helped to keep pump prices elevated.
At the close of Wednesday’s formal trading session, WTI increased by $1.48 to settle at $84.40. The price of oil has not been this high since mid-April 2023. Prices have increased amid market optimism that oil demand will be more robust than expected during this half of 2023 and into 2024. According to the Organization of the Petroleum Exporting Countries (OPEC), world oil demand is expected to rise by 2.25 million barrels per day (bpd) in 2024, compared with growth of 2.44 million bpd in 2023. Additionally, the EIA reported that total domestic commercial crude inventories increased from 439.8 to 445.6 million bbl.
"Gas prices across Michigan continue to rise, reaching another milestone for high prices this year," said Adrienne Woodland, spokesperson, AAA-The Auto Club Group. "If gas demand remains high, alongside increasing oil prices, drivers should brace for increases in pump prices.”
Compared to last week, Metro Detroit’s average daily gas price increased. Metro Detroit’s current average is $3.87 per gallon, which is a new 2023-high. This price is about 11 cents more than last week’s average but still 10 cents less than this same time last year.
Click here to view AAA’s state and metro gas averages
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AAA updates fuel price averages daily at www.GasPrices.AAA.com.
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