DEARBORN, MI— Gas prices in Michigan are up 26 cents from a week ago, setting a new 2024-high.
Michigan drivers are now paying an average of $3.26 per gallon for regular unleaded. This price is 32 cents more than this time last month but still 5 cents less than this time last year.
Motorists are paying an average of $48 for a full 15-gallon tank of gasoline; a discount of about $10 from 2023's highest price last August.
According to new data from the Energy Information Administration (EIA), gas demand increased from 8.14 to 8.81 million b/d. Meanwhile, total domestic gasoline stocks decreased by 3.1 million bbl to 251 million bbl. Higher gas demand and tighter supply have contributed to elevated pump prices.
At the close of Wednesday’s formal trading session, WTI increased by 55 cents to settle at $73.86. Oil prices rose after the EIA reported that refinery oil processing was down slightly from 82.9 to 82.4 percent, signaling that winter maintenance increases ahead of the spring driving season continues. Additionally, the EIA reported that total domestic commercial crude stocks increased by 5.5 million bbl to 427.4 million bbl.
The continued shutdown of BP's 440,000 b/d Whiting, Indiana, refinery, which lost power on Feb. 2, is contributing to higher prices in the Midwest region. A BP spokeswoman on Thursday morning said the company is "making progress" in restoring the refinery to "normal operations." No timeline has been given on restoration.
"Michigan motorists are seeing the highest gas prices so far this year," said Adrienne Woodland, spokesperson, AAA-The Auto Club Group. "If demand continues to increase, alongside higher crude oil prices, drivers could see pump prices continue to rise."
Compared to last week, Metro Detroit’s average daily gas price increased. Metro Detroit’s current average is $3.26 per gallon, about 27 cents more than last week’s average but still 11 cents less than this same time last year.
Click here to view AAA's state and metro gas averages.
- Most expensive gas price averages: Lansing ($3.28), Jackson ($3.28), Ann Arbor ($3.27)
- Least expensive gas price averages: Marquette ($3.19), Benton Harbor ($3.23), Traverse City ($3.25)
