According to AAA, the average cost of Michigan gas prices in the state has decreased by 12 cents compared to last week.
Michigan gas prices have experienced a noteworthy decline in recent weeks
Michigan gas prices have seen a significant decrease of 25 cents in the last fortnight, and a substantial 75 cents drop compared to the same period last year. Filling a standard 15-gallon tank in Michigan will average $52, a notable $26 less than the highest prices recorded in June 2022.
Recent information from the Energy Information Administration shows an increase in the demand for gas in Michigan, rising from 8.01 to 8.58 million barrels per day this week. There has been a reduction of 1.3 million barrels of crude in domestic gasoline stocks. However, there has been a remarkable increase in overall commercial crude stocks, which have surged by 10.1 million barrels.
Market trading data from Wednesday shows a decline in the WTI (West Texas Intermediate) commodity price, settling at $83.49 after a decrease of $2.48
Adrienne Woodland, the spokesperson for AAA-The Auto Club Group, pointed out that the combination of subdued demand and falling oil prices has been the driving force behind the decrease in Michigan gas prices. Woodland further predicts that if this trend in Michigan gas prices continues, drivers can anticipate further reductions in gas prices in the weeks to come.
In terms of regional disparities, Marquette leads with the highest gas prices at $3.58, closely followed by Jackson at $3.57, and Traverse City at $3.54. Conversely, Benton Harbor boasts the most affordable prices at $3.40, trailed by Flint at $3.42, and metro Detroit at $3.45.
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