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Michigan gas prices drop 11 cents

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

DEARBORN, MI— Gas prices in Michigan are down 11 cents from a week ago.

Michigan drivers are now paying an average of $3.03 per gallon for regular unleaded. This price is 2 cents less than this time last month but still 8 cents more than this time last year.

Motorists are paying an average of $45 for a full 15-gallon tank of gasoline; a discount of about $12 from 2024's highest price last July.

According to new data from the Energy Information Administration (EIA), gasoline demand rose from 8.16 million b/d to 8.48. Meanwhile, total domestic gasoline stocks soared from 231.4 million barrels to 237.7, while gasoline production decreased, averaging 8.9 million barrels daily. The retail price for regular-grade gasoline averaged $3.30 per gallon in 2024, 21 cents less than in 2023.

At the close of Wednesday’s formal trading session, WTI fell 93 cents to settle at $73.32 a barrel. The EIA reports that crude oil inventories decreased by 1.0 million barrels from the previous week. At 414.6 million barrels, U.S. crude oil inventories are about 6% below the five-year average for this time of year.

"Michigan motorists are seeing lower gas prices across the state," said Adrienne Woodland, spokesperson, AAA-The Auto Club Group. "If gas demand drops, alongside robust stocks, pump prices may continue to fall."

Compared to last week, Metro Detroit’s average daily gas price decreased slightly. Metro Detroit’s current average is $3.08 per gallon, about 3 cents less than last week’s average but still 13 cents more than this same time last year.

Click here to view AAA's state and metro gas averages.

  • Most expensive gas price averages:  Ann Arbor ($3.09), Metro Detroit ($3.08), Jackson ($3.02)
  • Least expensive gas price averages: Traverse City ($2.88), Lansing ($2.96), Flint ($2.97)
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.