Michigan (WLUC) – Gasoline prices in Michigan are down 5 cents from last week.
According to a AAA press release, Michigan drivers are currently paying an average of $3.41 per gallon for regular unleaded gasoline, 39 cents less than last month and 37 cents less than 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 9.04 million barrels per day to 9.19 million. At the same time, total domestic gasoline inventories fell from 222.2 million barrels to 220.6 million barrels, but gasoline production increased, averaging 9.8 million barrels per day.
At the close of the official trading session on Wednesday, the WTI price fell by $1.24 to settle at $71.93 per barrel. The EIA reports that crude oil inventories fell by 4.6 million barrels compared to the previous week. At 426.0 million barrels, US crude oil inventories are about 5% below the five-year average for this time of year.
“Gasoline prices continue to fall, and Michigan drivers are seeing the lowest prices since early June,” said Adrienne Woodland, spokeswoman for AAA-The Auto Club Group. “Low gasoline demand, stable supply and low oil prices could cause pump prices to continue to fall.”
Compared to last week, the average price of gasoline in Metro Detroit has dropped. The current average in Metro Detroit is $3.44 per gallon, about 10 cents less than last week’s average and 35 cents less than the same time last year.
Click here to view AAA average gas prices for states and cities.
- Most expensive Average gas prices: Ann Arbor ($3.52), Jackson ($3.45), Marquette ($3.44)
- Cheapest Average gas prices: Grand Rapids ($3.34), Flint ($3.34), Saginaw ($3.36)
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