DEARBORN, MI— Gas prices in Michigan declined slightly after setting a new 2024-high of $3.72 over the weekend. Michigan drivers are now paying an average of $3.71 per gallon for regular unleaded, which is 12 cents more than this time last week. This price is 17 cents more than this time last month and 19 cents more than this time last year.
Motorists are paying an average of $55 for a full 15-gallon tank of gasoline; a discount of about $3 from 2023's highest price last August.
According to new data from the Energy Information Administration (EIA), gas demand fell from 8.66 to 8.42 million b/d. Meanwhile, total domestic gasoline stocks decreased by .6 million bbl to 226.7 million bbl.
At the close of Wednesday’s formal trading session, WTI decreased by 55 cents to settle at $82.81. Oil prices dipped despite the EIA reporting crude oil inventories fell by 6.4 million barrels from the previous week. At 454 million barrels, U.S. crude oil inventories are 4% below the five-year average for this time of year.
"Michigan motorists are once again seeing higher prices at the pump with the state average hitting a new 2024-high," said Adrienne Woodland, spokesperson, AAA-The Auto Club Group. "If crude oil prices rise, alongside tight supply, gas prices may continue to rise."
Compared to last week, Metro Detroit’s average daily gas price increased. Metro Detroit’s current average is $3.64 per gallon, about 4 cents more than last week’s average and 13 cents more than this same time last year.
Click here to view AAA's state and metro gas averages.
- Most expensive gas price averages: Jackson ($3.81), Lansing ($3.79), Saginaw ($3.78)
- Least expensive gas price averages: Marquette ($3.59), Metro Detroit ($3.64), Benton Harbor ($3.71)
