DEARBORN, MI— Gas prices in Michigan are down 7 cents from last week. Michigan drivers are now paying an average of $3.57 per gallon for regular unleaded. This price is 32 cents more than this time last month and 18 cents more than this time last year.
Motorists are paying an average of $53 for a full 15-gallon tank of gasoline; a discount of about $5 from 2023's highest price last August.
According to new data from the Energy Information Administration (EIA), gas demand decreased slightly from 9.04 to 8.81 million b/d. Meanwhile, total domestic gasoline stocks dropped by 3.3 million bbl to 230.8 million bbl.
At the close of Wednesday’s formal trading session, WTI decreased by $1.79 to settle at $81.68. Oil prices fell after the US Federal Reserve announced it was leaving interest rates unchanged, but it expects three rate cuts by the end of 2024. Additionally, the EIA reported that total domestic commercial crude stocks decreased by 2 million bbl to 445 million bbl.
"Michigan motorists are seeing slightly lower gas prices across the state," said Adrienne Woodland, spokesperson, AAA-The Auto Club Group.
Compared to last week, Metro Detroit’s average daily gas price decreased slightly. Metro Detroit’s current average is $3.56 per gallon, about 1 cent less than last week’s average but still 12 cents more than this same time last year.
Click here to view AAA's state and metro gas averages.
- Most expensive gas price averages: Jackson ($3.68), Ann Arbor ($3.61), Benton Harbor ($3.59)
- Least expensive gas price averages: Traverse City ($3.42), Flint ($3.47), Marquette ($3.49)
