DEARBORN, MI— Gas prices in Michigan are down 12 cents from a week ago.
Michigan drivers are now paying an average of $3.47 per gallon for regular unleaded. This price is 25 cents less than this time last month and 75 cents less than this time last year.
Motorists are paying an average of $52 for a full 15-gallon tank of gasoline; a discount of about $26 from 2022's highest price last June.
According to new data from the Energy Information Administration (EIA), gas demand increased from 8.01 to 8.58 million b/d. On the other hand, total domestic gasoline stocks fell by 1.3 million bbl to 225.7 million bbl. Tepid demand, alongside descending oil prices, has pushed pump prices lower.
At the close of Wednesday’s formal trading session, WTI decreased by $2.48 to settle at $83.49. Oil prices rose sharply early last week after Hamas attacked Israel, but they have since dropped as demand concerns continue to weigh on the market. If the market tips into a recession, oil prices, and demand would likely decline. Additionally, the EIA reported that total commercial crude stocks increased significantly by 10.1 million bbl to 424.2 million bbl.
"Michigan motorists are seeing much lower gas prices, with the state average down 25 cents in the past two weeks," said Adrienne Woodland, spokesperson, AAA-The Auto Club Group. "If oil prices continue to decline, drivers can expect further price drops at the pump in the weeks ahead."
Compared to last week, Metro Detroit’s average daily gas price decreased. Metro Detroit’s current average is $3.45 per gallon, about 9 cents less than last week’s average and 65 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 ($3.58), Jackson ($3.57), Traverse City ($3.54)
- Least expensive gas price averages: Benton Harbor ($3.40), Flint ($3.42), Metro Detroit ($3.45)
