Michigan gas prices drop slightly after setting a new 2024 high

Gas prices in Michigan have declined slightly after setting a new 2024-high of $3.57 on Saturday, AAA officials said.

Michigan drivers are now paying an average of $3.56 per gallon for regular unleaded, which is up 11 cents from last week.

The price is 31 cents more than this time last month and 1 cent more than a year ago.

Motorists are paying an average of $53 for a full 15-gallon tank of gasoline.

According to new data from the Energy Information Administration, growing gas demand amid tighter supply has pushed pump prices higher.

At the close of Wednesday’s formal trading session, oil prices rose amid increased market optimism after U.S. Federal Reserve Chair Jerome Powell noted interest rates are still expected to be cut later this year.

Moreover, the EIA reported total domestic commercial crude stocks increased by 1.3 million barrels to 448.5 million barrels.

Last week, the Organization of Petroleum Exporting Countries and its allies, including Russia, collectively known as OPEC+, extended their agreement to reduce production by 2.2 million barrels per day into the second quarter of 2024.

"Michigan drivers across the state continue to see higher prices at the pump," said Adrienne Woodland, a spokesperson for AAA, in a statement Monday. "If crude oil prices continue to rise, gas prices will likely follow suit."

Compared to last week, Metro Detroit’s average daily gas price increased.

The region's current average is $3.48 per gallon, about 4 cents more than last week’s average but still 7 cents less than this same time last year.

The most expensive gas price averages are in Lansing ($3.63), Grand Rapids ($3.63) and Saginaw ($3.60).

The least expensive gas price averages are in Metro Detroit ($3.48), Marquette ($3.49) and Traverse City ($3.52).

mjohnson@detroitnews.com

@_myeshajohnson