DEARBORN, MI— Gas prices in Michigan are down 9 cents from last week.
Michigan drivers are now paying an average of $2.81 per gallon for regular unleaded. This price is 39 cents less than this time last month and 52 cents less than this time last year.
Motorists are paying an average of $42 for a full 15-gallon tank of gasoline; a discount of about $16 from 2023's highest price last August.
According to new data from the Energy Information Administration (EIA), gas demand nosedived from 9.17 to 7.95 million b/d. Meanwhile, total domestic gasoline stocks increased substantially by 10.9 million bbl to 237 million bbl. Weak gas demand, alongside increased supply, has pushed pump prices lower. However, rising oil prices have limited price decreases.
At the close of Wednesday’s formal trading session, WTI increased by $2.32 to settle at $72.70. Oil prices increased last week amid heightened tensions in the Middle East. Shipping disruptions in the Red Sea and the potential for tighter sanctions on Iran have led to market concerns that the oil supply could tighten and transportation costs could rise. Additionally, the EIA reported that total domestic commercial crude inventories declined by 5.5 million bbl to 431.1 million bbl.
"As we move further into the new year, Michigan motorists continue to see lower prices at the pump," said Adrienne Woodland, spokesperson, AAA-The Auto Club Group. "If gas demand remains weak, drivers will likely continue to see gas prices trickle downward."
Compared to last week, Metro Detroit’s average daily gas price decreased. Metro Detroit’s current average is $2.88 per gallon, about 6 cents less than last week’s average and 43 cents less than this same time last year.
Click here to view AAA's state and metro gas averages.
- Most expensive gas price averages: Jackson ($2.93), Ann Arbor ($2.91), Marquette ($2.90)
- Least expensive gas price averages: Grand Rapids ($2.69), Flint ($2.74), Benton Harbor ($2.75)
