DEARBORN, MI— Gas prices in Michigan are holding steady.
Michigan drivers are paying an average of $3.25 per gallon for regular unleaded, the exact same price as this time last week. This price is 27 cents less than this time last month and 47 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 8.93 million b/d to 8.47. Meanwhile, total domestic gasoline stocks rose 219.2 to 221.6 million barrels, and gasoline production decreased, averaging 9.4 million barrels per day.
At the close of Wednesday’s formal trading session, WTI rose by $1.56 to settle at $67.31 a barrel. The EIA reports that crude oil inventories increased by 0.8 million barrels from the previous week. At 419.1 million barrels, U.S. crude oil inventories are about 4% below the five-year average for this time of year.
"With the state average holding steady, Michigan motorists are seeing gas prices similar to what they were this time last week," said Adrienne Woodland, spokesperson, AAA-The Auto Club Group. "Tumbling gasoline demand and oil costs will likely cause pump prices to slide."
Compared to last week, Metro Detroit’s average daily gas price decreased. Metro Detroit’s current average is $3.27 per gallon, about 5 cents less than last week’s average and 51 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 ($3.31), Jackson ($3.31), Metro Detroit ($3.27)
- Least expensive gas price averages: Benton Harbor ($3.10), Flint ($3.21), Saginaw ($3.22)
