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Michigan gas prices down 12 cents from last week

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

DEARBORN, MI— Gas prices in Michigan are down 12 cents from a week ago.

AAA Michigan says drivers are now paying an average of $3.46 per gallon for regular unleaded. This price is 6 cents less than this time last month and 42 cents less than this time last year.

Motorists are paying an average of $51 for a full 15-gallon tank of gasoline; a discount of about $7 from 2023's highest price last August.

According to new data from the Energy Information Administration (EIA), gas demand edged higher from 8.96 million b/d to 9.04 million b/d. Meanwhile, total domestic gasoline stocks fell from 225.1 to 222.2 million barrels. Gasoline production decreased slightly, averaging 9.7 million barrels per day.

At the close of Wednesday’s formal trading session, WTI fell by $1.37 to settle at $76.98 a barrel. The EIA reports that crude oil inventories increased by 1.4 million barrels from the previous week. At 430.7 million barrels, U.S. crude oil inventories are about 5% below the five-year average for this time of year.

"For the third week in a row, Michigan motorists are seeing lower prices at the pump," said Adrienne Woodland, spokesperson, AAA-The Auto Club Group. "Tepid gasoline demand and stable oil costs may cause gas prices to slide further."

Compared to last week, Metro Detroit’s average daily gas price decreased. Metro Detroit’s current average is $3.54 per gallon, about 9 cents less than last week’s average and 32 cents less than this same time last year.

Click here to view AAA's state and metro gas averages.

  • Most expensive gas price averages:  Ann Arbor ($3.57), Metro Detroit ($3.54), Jackson ($3.51)
  • Least expensive gas price averages: Flint ($3.34), Saginaw ($3.39), Benton Harbor ($3.40)
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.