DEARBORN, MI— Gas prices in Michigan are down 11 cents from a week ago. Michigan drivers are now paying an average of $3.60 per gallon for regular unleaded. This price is 4 cents more than this time last month and 19 cents more than this time last year.
Motorists are paying an average of $54 for a full 15-gallon tank of gasoline; a discount of about $4 from 2023's highest price last August.
According to new data from the Energy Information Administration (EIA), gas demand rose slightly from 8.42 million b/d to 8.62. Meanwhile, total domestic gasoline stocks increased by .4 million bbl to 227.1 million bbl.
At the close of Wednesday’s formal trading session, WTI decreased by $2.93 to settle at $79 a barrel. Prices dipped as the EIA reported crude oil inventories increased by 7.3 million barrels from the previous week. At 460.9 million barrels, U.S. crude oil inventories are about 3% below the five-year average for this time of year.
"Michigan motorists are seeing some relief at the pump as the state average drops 11 cents from a week ago," said Adrienne Woodland, spokesperson, AAA-The Auto Club Group. "Tepid demand, increasing supply, and falling oil prices could push pump prices lower."
Compared to last week, Metro Detroit’s average daily gas price decreased. Metro Detroit’s current average is $3.59 per gallon, about 5 cents less than last week’s average but still 18 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 ($3.74), Ann Arbor ($3.66), Lansing ($3.64)
- Least expensive gas price averages: Traverse City ($3.53), Benton Harbor ($3.55), Marquette ($3.57)
