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State gas prices drop below $3 a gallon

AAA Logo. (PRNewsFoto/AAA Michigan)
PR NEWSWIRE
AAA Logo. (PRNewsFoto/AAA Michigan)

DEARBORN, MI— Gas prices in Michigan are down 14 cents from a week ago. Michigan drivers are now paying an average of $2.94 per gallon for regular unleaded. This price is 13 cents less than this time last month and 22 cents less than this time last year.

Motorists are paying an average of $44 for a full 15-gallon tank of gasoline; a discount of about $14 from 2023's highest price last August.

According to new data from the Energy Information Administration (EIA), gasoline demand rose slightly from 8.50 million b/d to 8.73. Meanwhile, total domestic gasoline stocks rose slightly from 212.2 million barrels to 214.6, while gasoline production decreased, averaging 9.5 million barrels per day.

At the close of Wednesday’s formal trading session, WTI fell $1.40 to settle at $68.54 a barrel. The EIA reports that crude oil inventories decreased by 5.1 million barrels from the previous week. At 423.4 million barrels, U.S. crude oil inventories are about 5% below the five-year average for this time of year.

"Motorists across Michigan are seeing the lowest gas prices since January of this year," said Adrienne Woodland, spokesperson, AAA-The Auto Club Group. "If demand falls, alongside increasing gasoline stocks, pump prices could drop further."

Compared to last week, Metro Detroit’s average daily gas price decreased. Metro Detroit’s current average is $2.96 per gallon, about 9 cents less than last week’s average and 18 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 ($3.02), Marquette ($2.98), Jackson ($2.96)
  • Least expensive gas price averages: Flint ($2.86), Saginaw ($2.89), Benton Harbor ($2.90)
Nicole was born near Detroit but has lived in the U.P. most of her life. She graduated from Marquette Senior High School and attended Michigan State and Northern Michigan Universities, graduating from NMU in 1993 with a degree in English.