Michigan gas price average falls 10 more cents ahead of Thanksgiving

DEARBORN, Mich. (WLUC) - Gas prices in Michigan are down 10 cents from a week ago.

According to AAA of Michigan, drivers are now paying an average of $3.27 per gallon for regular unleaded gas. That is slightly lower than the national average which is $3.31 per gallon.

Motorists are paying an average of $49 for a full 15-gallon tank of gasoline; a discount of about $29 from 2022′s highest price last June.

According to new data from the Energy Information Administration (EIA), gas demand decreased from 9.49 to 8.95 million b/d. The EIA’s estimate for demand is unusually high for early November, but when the EIA releases monthly demand data in a few weeks, it could revise it lower. Meanwhile, total domestic gasoline stocks decreased by 1.5 million bbl to 215.7 million bbl. Lower gas demand, alongside declining oil prices, has contributed to pushing pump prices down. With more than 1.5 million Michigan residents expected to take a road trip this Thanksgiving, drivers will be faced with busy roadways and lower gas prices.

At the close of Wednesday’s formal trading session, WTI decreased by $1.60 to settle at $76.66. Oil prices fell due to reduced market concerns that the conflict in the Middle East will escalate, which could lead to a reduction in regional oil production and higher prices. Additionally, the EIA reported that total domestic commercial crude inventories increased by 3.6 million bbl to 439.4 million bbl.

“Michigan motorists are seeing lower pump prices ahead of Thanksgiving,” said Adrienne Woodland, spokesperson, AAA-The Auto Club Group. “If gas demand and the cost of oil remain low, drivers could see gas prices continue to fall heading into the holiday.”

Around the Upper Peninsula, the lowest average is in Dickinson County at $2.92 per gallon. The highest is in Alger and Mackinac Counties at $3.56 per gallon.