DEARBORN, MI – Gasoline prices in Michigan are down 12 cents from last week.
According to AAA Michigan, drivers are currently paying an average of $3.46 per gallon for regular unleaded gasoline, 6 cents less than the same period last month and 42 cents less than the same period last year.
Drivers pay an average of $51 for a full tank (15 gallons) of gasoline, a discount of about $7 from the peak price last August 2023.
According to new data from the Energy Information Administration (EIA), gas demand rose from 8.96 million barrels per day to 9.04 million barrels per day. At the same time, total domestic gasoline inventories fell from 225.1 million barrels to 222.2 million barrels. Gasoline production fell slightly, averaging 9.7 million barrels per day.
At the end of the official trading session on Wednesday, the WTI price fell by $1.37 to settle at $76.98 per barrel. The EIA reports that crude oil inventories increased by 1.4 million barrels compared to the previous week. At 430.7 million barrels, US crude oil inventories are about 5% below the five-year average for this time of year.
“For the third week in a row, Michigan drivers are seeing lower prices at the pump,” said Adrienne Woodland, spokeswoman for AAA-The Auto Club Group. “Strong gasoline demand and stable oil prices could lead to a further decline in gasoline prices.”
Compared to last week, the average price of gasoline in Metro Detroit has dropped. The current average in Metro Detroit is $3.54 per gallon, about 9 cents less than last week’s average and 32 cents less than the same time last year.
Click here to view AAA average gas prices for states and cities.
- Highest average gas prices: Ann Arbor ($3.57), Metro Detroit ($3.54), Jackson ($3.51)
- Cheapest average gas price: Flint ($3.34), Saginaw ($3.39), Benton Harbor ($3.40)
