23
October
2022
|
17:00 PM
America/Chicago

AAA: Michigan Gas Prices Drop Another 16 Cents

A couple of Michigan metro areas fall below $4 a gallon

DEARBORN, Mich., (October 24, 2022) - Gas prices in Michigan are down 16 cents from a week ago. Michigan drivers are now paying an average of $4.05 per gallon for regular unleaded. This price is 17 cents more than this time last month and 76 cents more than this time last year.

Motorists are paying an average of $60 for a full 15-gallon tank of gasoline; an increase of about $9 from 2021's highest price last November.

According to new data from the Energy Information Administration (EIA), gas demand increased slightly from 8.28 million b/d to 8.68 million b/d, and total domestic gasoline stocks decreased marginally from 209.5 million bbl to 209.4 million bbl. Although gasoline demand is up slightly, it remains nearly 1 million bbl lower than mid-October 2021. Coupled with fluctuating oil prices, low demand has contributed to the national average moving downward.

At the close of Thursday's formal trading session, WTI increased by 43 cents to settle at $85.98. Although crude prices increased after the EIA reported that total domestic commercial crude inventories dropped by 1.7 million bbl to 437.4 million bbl, the price of oil declined earlier last week due to ongoing market concerns about crude demand as fear of a recession has increased. If economic growth stalls or declines, crude demand is likely to follow suit alongside prices.

"Michigan motorists continue to see pump prices decline with some metro areas across the state seeing averages below $4 a gallon," said Adrienne Woodland, spokesperson, AAA-The Auto Club Group. "If demand continues to remain low, as oil prices slide, drivers could see pump prices continue to come down."

Compared to last week, Metro Detroit's average daily gas price decreased. Metro Detroit's current average is $3.92 per gallon, about 16 cents less than last week's average but still 60 cents more than this same time last year.

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

  • Most expensive gas price averages: Marquette ($4.24), Jackson ($4.22), Saginaw ($4.18)
  • Least expensive gas price averages: Metro Detroit ($3.92), Traverse City ($3.96), Ann Arbor ($4.07)


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

$3.80

$3.80

$3.89

$3.69

$3.38

$2.25 (Jan. 1)

$3.42 (Nov. 5)

$5.02 (June 2022)

Michigan

$4.05

$4.06

$4.21

$3.88

$3.29

$2.17 (Jan. 10)

$3.43 (Nov. 7)

$5.22 (June 2022)

Detroit

$3.92

$3.93

$4.08

$3.91

$3.32

$2.20 (Jan. 7)

$3.40 (Nov. 6)

$5.31 (June 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.