DEARBORN — Gas prices in Michigan dropped 14 cents compared to a week ago. Michigan drivers are now paying an average of $2.51 per gallon for regular unleaded. This price is 14 cents less than this time last month and 29 cents less than this time last year.
Motorists are paying an average of $38 for a full 15-gallon tank of gasoline; a discount of $9 from when prices were their highest last May.
Total domestic gasoline stocks continue to decline, according to new data from the Energy Information Administration (EIA). In its latest weekly report, EIA reported that gas stocks fell by 3.1 million bbl last week, bringing the total to 223.1 million bbl. The current level is 6.2 million bbl below last year’s level at this time. Although stocks have tightened, amid robust demand — which grew by 250,000 b/d last week to 9.6 million bbl — low crude prices have helped to push down pump prices.
Compared to last week, Metro Detroit’s average daily gas price decreased. Metro Detroit’s current average is $2.55 per gallon, about 10 cents less than last week’s average and about 25 cents less than this same time last year. — G.G.