DEARBORN, MI— Gas prices in Michigan are down 4 cents from a week ago. Michigan drivers are now paying an average of $3.36 per gallon for regular unleaded. This price is 33 cents less than this time last month and 34 cents less than this time last year.
Motorists are paying an average of $50 for a full 15-gallon tank of gasoline; a discount of about $8 from 2023's highest price last August.
According to new data from the Energy Information Administration (EIA), gas demand rose from 9.19 million b/d to 9.30. Meanwhile, total domestic gasoline stocks fell from 220.2 to 218.4 million barrels, and gasoline production decreased, averaging 9.6 million daily.
At the close of Wednesday’s formal trading session, WTI fell by $1.01 to settle at $74.52 a barrel. The EIA reports that crude oil inventories decreased by 0.8 million barrels from the previous week. At 425.2 million barrels, U.S. crude oil inventories are about 4% below the five-year average for this time of year.
"Despite a busy Labor Day weekend, many Michigan motorists are seeing slightly lower prices at the pump," said Adrienne Woodland, spokesperson, AAA-The Auto Club Group. "If crude oil prices continue to fall alongside lower demand, gas prices could slide further."
Compared to last week, Metro Detroit’s average daily gas price decreased slightly. Metro Detroit’s current average is $3.42 per gallon, about 2 cents less than last week’s average and 34 cents less than this same time last year.
Click here to view AAA's state and metro gas averages.
- Most expensive gas price averages: Jackson ($3.47), Ann Arbor ($3.47), Metro Detroit ($3.42)
- Least expensive gas price averages: Grand Rapids ($3.18), Benton Harbor ($3.20), Flint ($3.32)