Drivers in Michigan are getting some relief at the pump, with a noticeable 12-cent drop in gas prices over the past week, reported The Detroit News. The average cost of regular unleaded fuel in the state now stands at $3.43 per gallon, which is also 18 cents cheaper than a month ago, and 21 cents lower than the same period last year.
“Michigan motorists continue to see lower gas prices across the state,” AAA spokesperson Adrienne Woodland shared with WLUC, attributing the dip to “Tepid gasoline demand, increasing supply, and falling oil costs will likely lead to lower prices at the pump.” It is noteworthy that a full 15-gallon tank now costs around $51, about $7 less compared to the highest price recorded in August of the preceding year.
According to WHMI, the decline corresponds with a dip in gas demand from 9.14 million barrels per day (b/d) to 8.94 million b/d, and an increase in total domestic gasoline stocks from 228.8 to 230.9 million barrels. Moreover, West Texas Intermediate (WTI) crude oil ended Wednesday's formal trading session at $74.07 a barrel, experiencing a rise despite crude oil inventories growing by 1.2 million barrels last week.
While prices fluctuate throughout Michigan, the highest averages were observed in Jackson at $3.54, Marquette at $3.52, and Metro Detroit at $3.50. On the contrary, Benton Harbor enjoys some of the lowest state prices, averaging $3.30 per gallon, followed by Flint at $3.33 and Grand Rapids at $3.35. In a release cited by The Detroit News, Patrick De Haan, head of petroleum analysis at GasBuddy, mentioned, "Not only have gasoline prices plummeted in nearly every state in the last week, but nearly every state has also seen prices drop compared to a month ago. With the declines, Americans will spend roughly $425 million less per week on gasoline than a year ago. In addition, the price of diesel has fallen alongside gasoline to its lowest level since Russia's invasion of Ukraine in early 2022. This price decline party is ramping up, and I expect additional declines ahead of July 4 for both gasoline and diesel prices. Six states now have average prices below $3 per gallon, and more will join soon, with the number of U.S. stations at $2.99 or lower already nearing 25,000. It's a great start to summer for those hitting the road."
