LANSING, Mich. (Michigan News Source) – According to AAA’s new data, gas prices in Michigan set a 2023 high of $3.55 per gallon last week. Prices dropped an average of two cents this week, but they remain up seven cents from last Monday and up 22 cents from this time last month.

Right now, Michigan drivers are paying about $52 dollars to fill a fifteen-gallon tank. This is down $26 from 2022’s highest price.

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Data from the Energy Information Administration (EIA) shows declining gasoline demand, down from 9.11 million to 8.56 million barrels per day. Domestic gasoline stocks have also declined, falling 1.1 million bbl (bbl = about 42 US gallons) to 238.1 million bbl since February 24. The AAA reports that fluctuating oil prices and constricted supply have counteracted this lower demand and increased average prices at the pump over last month.

W&T Offshore, Inc. (WTI), an independent oil and natural gas producer focused on the Gulf of Mexico, saw its share prices decline by 13.64% over the past five days. According to AAA, “The market is concerned that rising interest rates could tip the U.S. economy into a recession, which would lower oil demand amid reduced economic activity.”

Adrienne Woodland, spokesperson for the AAA Auto Club Group, says things may be looking up for commuters thanks to the general decline in demand for gasoline. “Gas prices have risen in part due to the switch to summer blend gasoline,” she said. “However if demand and oil costs remain low, this upward trend could reverse.”

The most expensive areas to buy gasoline include Metro Detroit and Ann Arbor at $3.55, while the least expensive include Benton Harbor at $3.49 and Grand Rapids at $3.50.