22
May
2022
|
17:00 PM
America/Chicago

AAA: Michigan Gas Prices Decline Slightly After Setting New Record High

The Michigan state average declined slightly after reaching a new record high

EDITOR'S NOTE: DUE TO THE MEMORIAL DAY HOLIDAY, NEXT WEEK'S GAS PRICE BRIEF WILL BE SENT OUT ON TUESDAY, MAY 31ST.

DEARBORN, Mich., (May 23, 2022) - Gas prices in Michigan declined slightly, after setting a new record of $4.58 per gallon on Thursday. Michigan drivers are now paying an average of $4.57 per gallon for regular unleaded, which is up 19 cents from a week ago. This price is 64 cents more than this time last month and $1.64 more than this time last year.

Motorists are paying an average of $68 for a full 15-gallon tank of gasoline; an increase of about $17 from when prices were their highest last November.

According to new data from the Energy Information Administration (EIA), total domestic gasoline stocks decreased by 4.8 million bbl to 220.2 million bbl. On the other hand, gasoline demand increased from 8.7 million b/d to 9 million b/d.

At the close of Wednesday's formal trading session, WTI decreased by $2.81 to settle at $109.59. Crude prices dropped earlier last week as market concerns about the likelihood of a recession increased. If a recession occurs, crude demand would likely decrease amid decreased economic activity and cause crude prices to decline. Additionally, crude prices decreased despite EIA reporting that domestic crude supply decreased by 3.4 million bbl to 420.8 million bbl. The current level is approximately 13.4 percent lower than during the second week of May 2021.

"Tighter supply and increased demand pushed Michigan pump prices higher last week," said Adrienne Woodland, spokesperson, AAA-The Auto Club Group. "This supply and demand dynamic, combined with volatile crude prices, will likely continue to keep upward pressure on pump prices."

Compared to last week, Metro Detroit's average daily gas price increased, setting a new record high. Metro Detroit's current average is $4.59 per gallon, about 15 cents more than last week's average and $1.58 more than this same time last year.

Click here to view AAA's state and metro gas averages

  • Most expensive gas price averages: Marquette ($4.59), Metro Detroit ($4.59), Jackson ($4.58)
  • Least expensive gas price averages: Saginaw ($4.56), Flint ($4.56), Grand Rapids ($4.56)


Find Local Gas Prices

  • Daily national, state, and metro gas price averages can be found at Gasprices.aaa.com
  • Motorists can find the lowest gas prices on their smartphone or tablet with the free AAA Mobile app. The app can also be used to map a route, find discounts, book a hotel and access AAA roadside assistance.

Ways to Save on Gasoline

  • Combine errands to limit driving time.
  • Shop around for the best gas prices in your community.
  • Consider paying cash. Some retailers charge extra per gallon for customers who pay with a credit card.
  • Remove excess weight in your vehicle.
  • Drive conservatively. Aggressive acceleration and speeding reduces fuel economy.
  • Enroll in savings programs. AAA Members who enroll in Shell's Fuel Rewards program can save 5 cents per gallon when they fill up at Shell. Click here for more information.


CURRENT AND PAST PRICE AVERAGES

Regular Unleaded Gasoline

Sunday

Saturday

Week Ago

Month Ago

One Year Ago

2021 Low

2021 High

Record High

National

$4.59

$4.59

$4.47

$4.12

$3.04

$2.25 (Jan. 1)

$3.42 (Nov. 5)

$4.59 (May 2022)

Michigan

$4.57

$4.57

$4.38

$3.93

$2.93

$2.17 (Jan. 10)

$3.43 (Nov. 7)

$4.58 (May 2022)

Detroit

$4.59

$4.58

$4.44

$3.98

$3.01

$2.20 (Jan. 7)

$3.40 (Nov. 6)

$4.59 (May 2022)

Click here to view current gasoline price averages

Gas Price Survey Methodology
Every day up to 130,000 stations in the nation and more than 4,200 stations in Michigan are surveyed based on credit card swipes and direct feeds in cooperation with the Oil Price Information Service (OPIS) and Wright Express for unmatched statistical reliability. All average retail prices in this report are for a gallon of regular, unleaded gasoline.

AAA updates fuel price averages daily at www.GasPrices.AAA.com.

About AAA - The Auto Club Group
AAA in Michigan celebrated its 100th Anniversary - A Century of Service in 2016 and has over 1.5 million members across the state. It is part of The Auto Club Group (ACG). Connect with us on Facebook and LinkedIn.

The Auto Club Group (ACG) is the second largest AAA club in North America with more than 13 million members across 14 U.S. states, the province of Quebec and two U.S. territories. ACG and its affiliates provide members with roadside assistance, insurance products, banking and financial services, travel offerings and more. ACG belongs to the national AAA federation with more than 62 million members in the United States and Canada. AAA's mission is to protect and advance freedom of mobility and improve traffic safety. For more information, get the AAA Mobile app, visit AAA.com, and follow us on Facebook, Twitter and LinkedIn.