DEARBORN, MI— Gas prices in Michigan are down 8 cents compared to last week. Michigan drivers are now paying an average of $3.54 per gallon for regular unleaded. This price is 9 cents more than this time last month but still 7 cents less than this time last year.
Motorists are paying an average of $53 for a full 15-gallon tank of gasoline; a discount of about $5 from 2023's highest price last August.
According to new data from the Energy Information Administration (EIA), gas demand rose from 8.72 to 9.23 million b/d. Meanwhile, total domestic gasoline stocks decreased by 4.2 million bbl to 227.8 million bbl. Higher demand and rising oil prices will likely nudge pump prices higher.
At the close of Wednesday’s formal trading session, WTI increased by 28 cents to settle at $85.43. Oil prices edged higher despite EIA reporting an increase of 3.2 million barrels from the previous week. At 451.4 million barrels, U.S. crude oil inventories are about 2% below the five-year average for this time of year.
"Michigan motorists are seeing lower prices at the pump as gas prices continue to fluctuate," said Adrienne Woodland, spokesperson, AAA-The Auto Club Group. "If gas demand increases, alongside tight supply, pump prices could follow suit."
Compared to last week, Metro Detroit’s average daily gas price decreased slightly. Metro Detroit’s current average is $3.56 per gallon, about 2 cents less than last week’s average and 1 cent less than this same time last year.
Click here to view AAA's state and metro gas averages.
- Most expensive gas price averages: Jackson ($3.64), Ann Arbor ($3.59), Marquette ($3.58)
- Least expensive gas price averages: Traverse City ($3.44), Flint ($3.47), Benton Harbor ($3.49)
