DEARBORN, MI— Gas prices in Michigan are down 12 cents from last week.
Michigan drivers are now paying an average of $3.25 per gallon for regular unleaded. This price is 37 cents less than this time last month and 40 cents less than this time last year.
Motorists are paying an average of $48 for a full 15-gallon tank of gasoline; a discount of about $10 from 2023's highest price last August.
According to new data from the Energy Information Administration (EIA), gas demand fell from 9.30 million b/d to 8.93. Meanwhile, total domestic gasoline stocks rose slightly from 218.4 to 219.2 million barrels, and gasoline production increased, averaging 9.7 million daily.
At the close of Wednesday’s formal trading session, WTI fell by $1.14 to settle at $69.20 a barrel. The EIA reports that crude oil inventories decreased by 6.9 million barrels from the previous week. At 418.3 million barrels, U.S. crude oil inventories are about 5% below the five-year average for this time of year.
"Michigan motorists are seeing the lowest gas prices since February," said Adrienne Woodland, spokesperson, AAA-The Auto Club Group. "Falling gasoline demand and oil costs will likely keep pump prices sliding."
Compared to last week, Metro Detroit’s average daily gas price decreased. Metro Detroit’s current average is $3.32 per gallon, about 9 cents less than last week’s average and 41 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 ($3.37), Ann Arbor ($3.34), Marquette ($3.33)
- Least expensive gas price averages: Grand Rapids ($3.06), Benton Harbor ($3.10), Flint ($3.18)
