LANSING, Mich. (WLNS) — After a spring spike in gasoline prices last week, Michiganders are getting some relief at the pump.
Gas prices in Michigan are down 9 cents since last week.
But at $3.62 per gallon for regular unleaded, people are still paying 21 cents more than this time last in March, but 32 cents less than a year ago. The average price for a 15-tank of gasoline is $54 at the pump this week, which is about $24 less than last year’s peak gasoline prices in June.
“Lower demand, alongside growth in stocks is finally helping to push gas prices lower,” said Adrienne Woodland, spokesperson for AAA-The Auto Club Group.
Michigan’s highest average gas prices this week are in Traverse City ($3.72), Marquette ($3.70) and Lansing ($3.67). The lowest average gas prices are in metro Detroit ($3.60), Grand Rapids ($3.61) and Flint ($3.61).
Gas demand decreased from 8.94 million to 8.52 million barrels per day, while total domestic gasoline stocks increased slightly by 1.3 million barrels of crude oil, according to data from the Energy Information Administration.
Oil prices fell last week amid continuing market concerns that future interest rate increases could cause an economic recession, which could lead to reduced oil demand and prices, the EIA reported.