Michigan Sees Relief at the Pump as Gas Prices Fall Statewide

Motorists in Michigan received some financial reprieve this week as gas prices saw a significant dip, per reports from several sources.

CBS News Detroit

noted that prices have fallen 12 cents from the previous week, bringing the average cost to $3.04 per gallon for regular unleaded. This trend represents a downturn of 28 cents compared to last month, and even more notably, 36 cents less than the same period last year.

The economic implications for state residents are considerable, for instance, it now costs around $45 to fill a 15-gallon tank, which is $13 less than what drivers were paying in August 2023, “Michigan gas prices have dropped to the lowest prices since February,” Adrienne Woodland, a spokesperson for AAA, was quoted by

WNMU-FM

. She suggested that if the current trends in gasoline stocks and demand persisted, there could be further reductions at the pump.

According to

WKZO

, the price per gallon varies across regions, with cities like Ann Arbor and Metro Detroit witnessing some of the highest gas prices at $3.10. Conversely, Flint enjoys the lowest state average at $2.93 per gallon. For those in southwest Michigan, prices also show variation, for instance, Kalamazoo County is positioned at $2.99 and Barry County at $3.09.

Underpinning these figures, the Energy Information Administration (EIA) provided data indicating a decrease in gas demand, which slipped from 9.15 million barrels per day to 8.82, while gasoline production held steady, averaging 9.7 million barrels daily. Compounding the positive news for consumers, crude oil inventories swelled by 2.1 million barrels, “At 427.7 million barrels, U.S. crude oil inventories are about 5% below the five-year average for this time of year,” according to

WNMU-FM

.

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