DEARBORN, MI— Gas prices in Michigan are down 12 cents from a week ago. Michigan drivers are now paying an average of $3.01 per gallon for regular unleaded. This price is 17 cents less than this time last month and 18 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), gasoline demand plunged from 9.38 million b/d to 8.41. Meanwhile, total domestic gasoline stocks rose slightly from 206.9 million barrels to 208.9, while gasoline production decreased, averaging 9.3 million barrels daily.
At the close of Wednesday’s formal trading session, WTI fell 52 cents to settle at $68.87 a barrel. The EIA reports that crude oil inventories increased by 0.5 million barrels from the previous week. At 430.3 million barrels, U.S. crude oil inventories are about 4% below the five-year average for this time of year.
AAA forecasts nearly 2.3 million Michiganders will take a road trip over Thanksgiving. Gas prices are expected to be lower this holiday season compared to 2023. The national average last Thanksgiving Day was $3.26 and the state average was $3.19. Currently, Michigan drivers are finding an average price of $3.01.
"As drivers prepare to hit the road for Thanksgiving this week, they will find lower gas prices across Michigan," said Adrienne Woodland, spokesperson, AAA-The Auto Club Group.
Compared to last week, Metro Detroit’s average daily gas price decreased. Metro Detroit’s current average is $3.06 per gallon, about 7 cents less than last week’s average and 17 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 ($3.07), Metro Detroit ($3.06), Marquette ($3.01)
- Least expensive gas price averages: Benton Harbor ($2.85), Saginaw ($2.90), Flint ($2.92)