State gas price average slides 9 cents ahead of Memorial Day travel weekend

DEARBORN, Mich. (WLUC) – – AAA of Michigan says that gas prices across the state are down 9 cents from a week ago. 

Michigan drivers are now paying an average of $3.55 per gallon for regular unleaded. This price is 7 cents less than this time last month and 2 cents less than this time last year.

Motorists are paying an average of $53 for a full 15-gallon tank of gasoline; a discount of about $5 from 2023′s highest price last August.

According to new data from the Energy Information Administration (EIA), gas demand rose modestly from 8.79 million b/d to 8.87. Meanwhile, total domestic gasoline stocks decreased slightly from 228 to 227.8 million bbl.

At the close of Wednesday’s formal trading session, WTI increased by 61 cents to settle at $78.87 a barrel. Prices rose as the EIA reported that crude oil inventories had decreased by 2.5 million barrels from the previous week. At 457.0 million barrels, U.S. crude oil inventories are about 4% below the five-year average for this time of year.

Road trips are expected to be the second highest on record in Michigan with nearly 1.2 million Michiganders forecast to hit the roads Memorial Day weekend.  However, Memorial Day drivers may have to pay slightly more at the gas pump. During last year’s holiday weekend, Michigan gas prices averaged $3.60 per gallon, which is just 5 cents above Monday’s average.

“While gas prices in Michigan are down to start the week, this trend will probably reverse,” said Adrienne Woodland, spokesperson, AAA-The Auto Club Group. “With an increase in demand from the rush of drivers filling up for Memorial Day, pump prices will likely increase ahead of the holiday weekend.”

Around the Upper Peninsula, the lowest average is in Dickinson, Gogebic, and Houghton counties at $3.45 per gallon. Meantime, the highest is in Mackinac County at $3.74 per gallon.

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