Nik Rajkovic / news@whmi.com

Gas prices in Michigan jumped 20 cents from a week ago. Michigan drivers are now paying an average of $3.45 per gallon for regular unleaded, which is a new 2024-high. This price is 45 cents more than this time last month and 4 cents more than this time last year.

Motorists are paying an average of $51 for a full 15-gallon tank of gasoline; a discount of about $7 from 2023's highest price last August.

According to new data from the Energy Information Administration (EIA), gas demand increased from 8.2 to 8.47 million b/d. Meanwhile, total domestic gasoline stocks declined by 2.8 million bbl to 244.2 million bbl.

At the close of Wednesday’s formal trading session, WTI decreased by 33 cents to settle at $78.54. Oil prices fell after the EIA’s weekly report showed that total domestic commercial crude stocks increased by 4.2 million bbl to 447.2 million bbl. The supply increase could signal that crude demand is loosening, contributing to a reduction in oil prices.

"Michigan motorists are seeing the highest gas prices since October 2023," said Adrienne Woodland, spokesperson, AAA-The Auto Club Group. "If demand continues to grow alongside tighter supply, pump prices may continue to increase."

Compared to last week, Metro Detroit’s average daily gas price increased. Metro Detroit’s current average is $3.44 per gallon, about 19 cents more than last week’s average and 3 cents more than this same time last year.

Click link below to view AAA's state and metro gas averages.

• Most expensive gas price averages: Jackson ($3.48), Benton Harbor ($3.47), Ann Arbor ($3.47)

• Least expensive gas price averages: Marquette ($3.29), Traverse City ($3.44), Metro Detroit ($3.44)