Gas prices dip slightly as crude oil stays above $100

The national average price for a gallon of regular gasoline fell five cents over the past week to $4.22, according to data released by the American Automobile Association. Despite the modest decline, pump prices remain elevated as crude oil prices hover above $100 per barrel, limiting further relief for drivers.

West Texas Intermediate crude settled at $102.78 per barrel at the close of Wednesday’s trading session, rising $2.88. The Energy Information Administration reported that U.S. crude oil inventories decreased by 1.9 million barrels to 410.6 million, which is four percent below the five-year average. Meanwhile, total domestic gasoline supply rose to 209.2 million barrels, while gasoline demand dropped to 8.38 million barrels per day.

Michigan drivers are currently paying an average of $4.66 per gallon, placing the state seventh among the most expensive markets in the nation. The national average for public electric vehicle charging held steady at 41 cents per kilowatt hour, with Michigan not appearing in the top ten lists for either the most or least expensive states for EV charging.

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