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Michigan gas prices jump 10 cents from a week ago

AAA Logo. (PRNewsFoto/AAA Michigan)
PR NEWSWIRE
AAA Logo. (PRNewsFoto/AAA Michigan)

DEARBORN, MI— Gas prices in Michigan increased 10 cents from last week. Michigan drivers are now paying an average of $3.68 per gallon for regular unleaded. This price is 14 cents more than this time last month and 17 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 plummeted from 9.39 million b/d to 8.78. Meanwhile, total domestic gasoline stocks fell from 231.7 to 229.7 million barrels. Gasoline production took a slight ding, likely from Hurricane Beryl, dropping from an average of 10.3 million barrels daily to 9.5.

At the close of Wednesday’s formal trading session, WTI rose $2.09 to settle at $82.85 a barrel. The EIA reports that crude oil inventories decreased by 4.9 million barrels from the previous week. At 440.2 million barrels, U.S. crude oil inventories are about 5% below the five-year average for this time of year.

"After dropping slightly early last week, Michigan gas prices saw a spike over the weekend," said Adrienne Woodland, spokesperson, AAA-The Auto Club Group. "If gas demand remains low, alongside an increase in supply, pump prices could possibly reverse course."

Compared to last week, Metro Detroit’s average daily gas price increased. Metro Detroit’s current average is $3.64 per gallon, about 11 cents more than last week’s average and 9 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 ($3.75), Lansing ($3.75), Benton Harbor ($3.73)
  • Least expensive gas price averages: Marquette ($3.48), Metro Detroit ($3.64), Ann Arbor ($3.71)
Nicole was born near Detroit but has lived in the U.P. most of her life. She graduated from Marquette Senior High School and attended Michigan State and Northern Michigan Universities, graduating from NMU in 1993 with a degree in English.