Nik Rajkovic / news@whmi.com

Gas prices in Michigan are down 12 cents from a week ago. Michigan drivers are now paying an average of $3.43 per gallon for regular unleaded. This price is 18 cents less than this time last month and 21 cents less 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 dipped from 9.14 b/d to 8.94. Meanwhile, total domestic gasoline stocks jumped from 228.8 to 230.9 million bbl.

At the close of Wednesday’s formal trading session, WTI rose by 82 cents to settle at $74.07 a barrel. The EIA reports that crude oil inventories increased by 1.2 million barrels from the previous week. At 455.9 million barrels, U.S. crude oil inventories are about 4% below the five-year average for this time of year.

"Michigan motorists continue to see lower gas prices across the state," said Adrienne Woodland, spokesperson, AAA-The Auto Club Group. "Tepid gasoline demand, increasing supply, and falling oil costs will likely lead to lower prices at the pump."

Compared to last week, Metro Detroit’s average daily gas price decreased. Metro Detroit’s current average is $3.50 per gallon, about 6 cents less than last week’s average and 15 cents less than this same time last year.

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

• Most expensive gas price averages: Jackson ($3.54), Marquette ($3.52), Metro Detroit ($3.50)

• Least expensive gas price averages: Benton Harbor ($3.30), Flint ($3.33), Grand Rapids ($3.35)