DEARBORN, MI— Gas prices in Michigan are down 12 cents from a week ago. Michigan drivers are now paying an average of $3.04 per gallon for regular unleaded. This price is 28 cents less than this time last month and 36 cents less than this time last year.
Motorists are paying an average of $45 for a full 15-gallon tank of gasoline; a discount of about $13 from 2023's highest price last August.
According to new data from the Energy Information Administration (EIA), gas demand slid from 9.15 million b/d to 8.82. Meanwhile, total domestic gasoline stocks rose from 210.9 million barrels to 211.3, while gasoline production increased, averaging 9.7 million barrels daily.
At the close of Wednesday’s formal trading session, WTI fell 30 cents to settle at $71.69 a barrel. The EIA reports that crude oil inventories increased by 2.1 million barrels from the previous week. At 427.7 million barrels, U.S. crude oil inventories are about 5% below the five-year average for this time of year.
"Michigan gas prices have dropped to the lowest prices since February," said Adrienne Woodland, spokesperson, AAA-The Auto Club Group. "If gasoline stocks continue to rise, alongside lower demand, pump prices could drop further."
Compared to last week, Metro Detroit’s average daily gas price decreased. Metro Detroit’s current average is $3.10 per gallon, about 7 cents less than last week’s average and 30 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 ($3.10), Metro Detroit ($3.10), Marquette ($3.09)
- Least expensive gas price averages: Flint ($2.93), Grand Rapids ($2.97), Traverse City ($2.98)
