© 2024 WNMU-FM
Upper Great Lakes News, Music, and Arts & Culture
Play Live Radio
Next Up:
0:00 0:00
Available On Air Stations

Michigan gas prices drop 6 cents

DEARBORN, MI— Gas prices in Michigan are down 6 cents from a week ago. Michigan drivers are now paying an average of $3.63 per gallon for regular unleaded. This price is 10 cents less than this time last month and 22 cents less than this time last year.

Motorists are paying an average of $54 for a full 15-gallon tank of gasoline; a discount of about $24 from 2022's highest price last June.

According to new data from the Energy Information Administration (EIA), gas demand increased from 9.07 to 9.32 million b/d. Meanwhile, total domestic gasoline stocks dropped from 217.4 to 214.7 million bbl.

At the close of Wednesday’s formal trading session, WTI increased by 85 cents to settle at $87.54. The price of oil increased last week amid news that Saudi Arabia plans to continue its voluntary 1 million b/d production cut through the end of the year. Tight supply could boost oil prices if demand remains robust. Additionally, the EIA reported that total domestic commercial crude inventories decreased significantly from 422.9 to 416.6 million bbl.

"Michigan motorists continue to see a decrease in pump prices across the state," said Adrienne Woodland, spokeswoman, AAA-The Auto Club Group. "Rising oil prices, higher gas demand, and tighter supply may push pump prices higher."

Compared to last week, Metro Detroit’s average daily gas price decreased. Metro Detroit’s current average is $3.71 per gallon, about 4 cents less than last week’s average and 23 cents less than this same time last year.

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

  • Most expensive gas price averages:  Marquette ($3.77), Traverse City ($3.72), Metro Detroit ($3.71)
  • Least expensive gas price averages: Benton Harbor ($3.49), Flint ($3.52), Grand Rapids ($3.56)
Nicole was born near Detroit but has lived in the U.P. most of her life. She graduated from Marquette Senior High School and attended Michigan State and Northern Michigan Universities, graduating from NMU in 1993 with a degree in English.