LANSING, Mich. (WLNS) — Gas prices across Michigan are down by 12 cents since this time last week, and a full 25 cents since two weeks ago and 75 cents since this time last year, according to AAA.
If you fill up a full, 15-gallon tank of gas Monday in Michigan, you’ll be paying around $52 on average — about $26 less than last year’s peak price in June 2022.
Gas demand increased from 8.01 to 8.58 million barrels per day this week, while the total domestic gasoline stocks fell by 1.3 million barrels of crude, according to new data from the Energy Information Administration.
However, total commercial crude stocks increased significantly, by 10.1 million barrels of crude, EIA reported. At the close of Wednesday’s market trading session, WTI (West Texas Intermediate) commodity price decreased by $2.48, to settle at $83.49.
“Tepid demand, alongside descending oil prices, has pushed pump prices lower,” said Adrienne Woodland, spokesperson for AAA-The Auto Club Group. “If oil prices continue to decline, drivers can expect further price drops at the pump in the weeks ahead.”
Across Michigan, people at the pump will be paying most in Marquette ($3.58), Jackson ($3.57) and Traverse City ($3.54). The cheapest gas prices will be in Benton Harbor ($3.40), Flint ($3.42) and metro Detroit ($3.45).