Michigan gas price averages down 7 cents from last week

DETROIT (FOX 2) - Gas prices are falling in Michigan, according to AAA.

A gallon of regular unleaded gas is now an average of $3.69 a gallon. This means drivers are paying an average of $55 to fill a 15-gallon tank.

This is down 7 cents from this time last week and 6 cents from last week. The prices are also 14 cents less than this time a year ago.

"Despite busy roadways, Michigan's gas prices continued to decline through Labor Day weekend," said Adrienne Woodland, spokesperson, AAA-The Auto Club Group. "If demand and crude oil prices drop, pump prices could go lower."

AAA said that according to new data from the Energy Information Administration (EIA), gas demand increased slightly from 8.91 to 9.07 million b/d. Meanwhile, total domestic gasoline stocks took a slight step back to 217.4 million bbl. Although demand has increased, fluctuating oil prices have limited pump price increases.

At the close of Wednesday’s formal trading session, WTI increased by 47 cents to settle at $81.63. Oil prices rose amid ongoing concern Hurricane Idalia would interrupt fuel supply in the Southeast. However, some fuel terminals have resumed operations, and more were expected as storms subside and damage assessments can be undertaken. Additionally, the EIA reported that total domestic commercial crude inventories decreased significantly from 433.5 to 422.9 million bbl.