Michigan gas prices continue downward trend

DETROIT (FOX 2) - Michigan gas price averages are continuing to drop, according to data from AAA.

Prices this week are down 7 cents from this time last week.

A gallon of regular unleaded gas is now $3.40. This price is 27 cents less than this time last month and 66 cents less than this time last year.

A full 15-gallon tank of gas is an average of $51, down from $27 from 2022's highest price last June.

In Metro Detroit, gas price averages are down about 3 cents from last week’s average and 51 cents less than this same time last year.

According to new data from the Energy Information Administration (EIA), gas demand increased from 8.58 to 8.94 million b/d. On the other hand, total domestic gasoline stocks decreased by 2.4 million bbl to 223.3 million bbl. Although higher demand and tightening supply typically increase pump prices, flat oil prices have had the opposite effect.

At the close of Wednesday’s formal trading session, WTI remained unchanged at $86.66. Earlier last week, the price of oil rose due to concerns that the Israel-Hamas war could lead to reduced oil output from countries in the region, but those concerns have subsided since it appears the conflict will not spread across the Middle East for now. Additionally, the EIA reported that total domestic commercial crude supply dropped by 4.5 million bbl to 419.7 million bbl.

"Gas prices across the state continue to fall with Michigan motorists paying the lowest prices since May," said Adrienne Woodland, spokesperson, AAA-The Auto Club Group. "If oil prices remain steady or fall, drivers can expect further price drops at the pump in the weeks ahead."

Michigan's highest gas prices