Michigan gas prices drop slightly from last week
DETROIT (FOX 2) - After hitting a 2024 high, Michigan gas price averages are down 5 cents from last week, while Metro Detroit prices dropped 2 cents.
According to data from AAA, a gallon of unleaded gas now costs $3.21 in Michigan, 17 cents more than this time last month but 6 cents less than this time a year ago. This price equates to about $48 to fill a 15-gallon tank. This is down about $10 from 2023's highest price last August.
In Metro Detroit, the average for a gallon is $3.24, down 11 cents from this time last year.
"Michigan gas prices have backed off slightly from the 2024-high set last week," said Adrienne Woodland, spokesperson, AAA-The Auto Club Group. "If demand drops further, gas prices could continue to decline through this week."
According to new data from the Energy Information Administration (EIA), gas demand decreased from 8.81 to 8.17 million b/d. Total domestic gasoline stocks declined by 3.7 million bbl to 247.3 million bbl.
At the close of Wednesday’s formal trading session, WTI decreased by $1.23 to settle at $76.64. Oil prices dropped after the EIA reported that total domestic commercial crude stocks increased significantly by 12 million bbl to 439.4 million bbl. The sharp increase in supply signals that oil demand could be loosening, which may also put downward pressure on prices.
Most expensive gas:
- Jackson ($3.25)
- Metro Detroit ($3.24)
- Ann Arbor ($3.24)
Least expensive gas:
- Traverse City ($3.12)
- Flint ($3.16)
- Saginaw ($3.16)