AAA: Downward trend continues for Michigan gas prices
DEARBORN, Mich. (WLUC) - For a third consecutive week after record prices at the pump, Gas prices in Michigan continue to move downward, this time down 11 cents from a week ago. Michigan drivers are now paying an average of $4.94 per gallon for regular unleaded. This price is 8 cents more than this time last month and $1.74 more than this time last year.
Motorists are paying an average of more than $74 for a full 15-gallon tank of gasoline.
Monday, the national average for a gallon of regular gasoline has decreased by 9 cents to $4.81 from a week ago. Due to the delayed release of the Energy Information Administration’s (EIA) report on gasoline supply and demand last week, the federal agency released two weeks of data yesterday that showed gasoline demand decreased each week.
Gas demand currently sits at 8.93 million b/d, which is lower than last year’s rate of 9.11 million b/d at the end of June. On the other hand, total domestic gasoline stocks increased by 2.6 million bbl to 221.6 million bbl. These supply/demand dynamics and decreasing oil prices have pushed pump prices lower. As these trends continue, drivers will likely continue to see relief at the pump.
Compared to last week, Metro Detroit’s average daily gas price decreased with a current average of $5.04 per gallon, about 11 cents less than last week’s average and $1.76 more than this same time last year.
Click here to view AAA’s state and metro gas averages
- Most expensive gas price averages: Ann Arbor ($5.07), Metro Detroit ($5.04)
- Least expensive gas price averages: Benton Harbor ($4.80), Grand Rapids-Muskegon-Holland ($4.84), Traverse City ($4.86)
- Most expensive Upper Peninsula gas price averages: Chippewa ($5.14), Mackinac ($5.10)
- Least expensive Upper Peninsula gas price averages: Baraga ($4.77), Menominee ($4.80)
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