DEARBORN, MI— Gas prices in Michigan are down 9 cents compared to last week. Michigan drivers are now paying an average of $3.31 per gallon for regular unleaded. This price is 37 cents less than this time last month and 65 cents less than this time last year.
Motorists are paying an average of $49 for a full 15-gallon tank of gasoline; a discount of about $29 from 2022's highest price last June.
According to new data from the Energy Information Administration (EIA), gas demand decreased from 8.94 to 8.86 million b/d. On the other hand, total domestic gasoline stocks increased slightly to 223.5 million bbl. Lower gas demand, alongside declining oil prices, has contributed to pushing pump prices down.
At the close of Wednesday’s formal trading session, WTI increased by $1.65 to settle at $85.29. The oil price rose due to concerns that the Israel-Hamas war could escalate soon as Israel appears to be preparing for ground operations. Additionally, the EIA reported that total domestic commercial crude supply increased by 1.4 million bbl to 421.1 million bbl.
"Michigan motorists continue to see lower prices at the pump as gas prices drop to the lowest since early March," said Adrienne Woodland, spokesperson, AAA-The Auto Club Group. "If oil prices continue to descend, 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 $3.36 per gallon, about 6 cents less than last week’s average and 51 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 ($3.45), Ann Arbor ($3.43), Traverse City ($3.41)
- Least expensive gas price averages: Flint ($3.20), Grand Rapids ($3.21), Benton Harbor ($3.27)
