DEARBORN, MI— Gas prices in Michigan dropped 5 cents from last week. Michigan drivers are now paying an average of $3.21 per gallon for regular unleaded. This price is 17 cents more than this time last month but still 6 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 decreased from 8.81 to 8.17 million b/d. Total domestic gasoline stocks declined by 3.7 million bbl to 247.3 million bbl.
At the close of Wednesday’s formal trading session, WTI decreased by $1.23 to settle at $76.64. Oil prices dropped after the EIA reported that total domestic commercial crude stocks increased significantly by 12 million bbl to 439.4 million bbl. The sharp increase in supply signals that oil demand could be loosening, which may also put downward pressure on prices.
"Michigan gas prices have backed off slightly from the 2024-high set last week," said Adrienne Woodland, spokesperson, AAA-The Auto Club Group. "If demand drops further, gas prices could continue to decline through this week."
Compared to last week, Metro Detroit’s average daily gas price decreased slightly. Metro Detroit’s current average is $3.24 per gallon, about 2 cents less than last week’s average and 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: Jackson ($3.25), Metro Detroit ($3.24), Ann Arbor ($3.24)
- Least expensive gas price averages: Traverse City ($3.12), Flint ($3.16), Saginaw ($3.16)
