DEARBORN, MI— Gas prices in Michigan are down 6 cents from a week ago.
Michigan drivers are now paying an average of $2.96 per gallon for regular unleaded. This price is 2 cents more than this time last month but still 51 cents less than this time last year.
Motorists are paying an average of $44 for a full 15-gallon tank of gasoline; a discount of about $14 from 2023's highest price last August.
According to new data from the Energy Information Administration (EIA), gas demand dipped from 8.27 to 7.89 million b/d. Meanwhile, total domestic gasoline stocks increased by 4.9 million bbl to 253 million bbl. Due to fluctuating oil prices, lower gas demand, and rising stocks, pump price increases have been limited.
At the close of Wednesday’s formal trading session, WTI increased by 72 cents to settle at $75.09. Oil prices rose after the EIA reported that total domestic commercial crude stocks decreased significantly by 9.2 million bbl to 420.7 million bbl. The drop in total stocks signals that tight supply could increase prices if demand grows.
"Michigan motorists are seeing lower prices at the pump as the state average falls below $3 a gallon," said Howard Hughey, Public Affairs Director, AAA-The Auto Club Group. "If demand continues to drop, alongside rising gasoline stocks, these gas price declines could continue through the week."
Compared to last week, Metro Detroit’s average daily gas price decreased. Metro Detroit’s current average is $2.99 per gallon, about 4 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: Jackson ($3.02), Ann Arbor ($3.01), Metro Detroit ($2.99)
- Least expensive gas price averages: Marquette ($2.88), Grand Rapids ($2.88), Traverse City ($2.91)
