Michigan gas prices hit lowest price since February

DETROIT (FOX 2) - Gas prices dipped 12 cents from last week, making the average price for a gallon in Michigan the lowest it's been since February.

According to data from AAA, drivers are paying an average of $3.25 per gallon for regular unleaded. This price is 37 cents less than this time last month and 40 cents less than this time last year. This equates to about $48 to fill a 15-gallon tank, about $10 less than 2023's high in August.

In Metro Detroit, the average price is $3.32 per gallon, about 9 cents less than last week’s average and 41 cents less than this same time last year.

"Michigan motorists are seeing the lowest gas prices since February," said Adrienne Woodland, spokesperson, AAA-The Auto Club Group. "Falling gasoline demand and oil costs will likely keep pump prices sliding."

At the close of Wednesday’s formal trading session, WTI fell by $1.14 to settle at $69.20 a barrel. The EIA reports that crude oil inventories decreased by 6.9 million barrels from the previous week. At 418.3 million barrels, U.S. crude oil inventories are about 5% below the five-year average for this time of year.

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