Nik Rajkovic / news@whmi.com

Gas prices in Michigan declined slightly after setting a new 2024-high of $3.57 on Saturday. Michigan drivers are now paying an average of $3.56 per gallon for regular unleaded, which is up 11 cents from last week. This price is 31 cents more than this time last month and 1 cent more than this time last year.

Motorists are paying an average of $53 for a full 15-gallon tank of gasoline; a discount of about $5 from 2023's highest price last August.

According to new data from the Energy Information Administration (EIA), gas demand jumped from 8.47 to 9.01 million b/d. Meanwhile, total domestic gasoline stocks tightened by 4.5 million bbl to 239.7 million bbl. Growing gas demand, amid tighter supply, has pushed pump prices higher.

At the close of Wednesday’s formal trading session, WTI increased by 98 cents to settle at $79.13. Oil prices rose amid increased market optimism after U.S. Federal Reserve Chair Jerome Powell noted that interest rates are still expected to be cut later this year. Moreover, the EIA reported that total domestic commercial crude stocks increased by 1.3 million bbl to 448.5 million bbl. Earlier last week, the Organization of Petroleum Exporting Countries and its allies, including Russia, collectively known as OPEC+, extended their agreement to reduce production by 2.2 million barrels per day into the second quarter of 2024.
"Michigan drivers across the state continue to see higher prices at the pump," said Adrienne Woodland, spokesperson, AAA-The Auto Club Group. "If crude oil prices continue to rise, gas prices will likely follow suit."

Compared to last week, Metro Detroit’s average daily gas price increased. Metro Detroit’s current average is $3.48 per gallon, about 4 cents more than last week’s average but still 7 cents less than this same time last year.

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

· Most expensive gas price averages: Lansing ($3.63), Grand Rapids ($3.63), Saginaw ($3.60)

· Least expensive gas price averages: Metro Detroit ($3.48), Marquette ($3.49), Traverse City ($3.52)