(WXYZ) — Michigan gas prices are down after jumping nine cents to $2.93 per gallon on May 24.
According to AAA, Michigan drivers are now paying an average price of $2.88 per gallon for regular unleaded – one cent more than a week ago and two cents more than this time last month.
"Increased gasoline stocks amid robust summer demand can help to suppress pump prices," said Adrienne Woodland, spokesperson, AAA - The Auto Club Group. "The initial spike in prices was likely due to the record number of Michiganders hitting the road for the Memorial Day Holiday."
Metro Detroit’s current average is $2.86 per gallon, about the same as last week’s average and 24 cents less than this time last year.
As far as the most and least expensive gas averages in Michigan:
- Most expensive gas price averages: Marquette ($2.96), Saginaw ($2.92), Ann Arbor ($2.91)
- Least expensive gas price averages: Traverse City ($2.79), Metro Detroit ($2.86), Benton Harbor ($2.87)
At 228.7 million bbl, total gasoline inventories in the U.S. are 5.2 million bbl lower than where they were in mid-May 2018. One of the reasons stocks increased is due to lower U.S. gasoline exports, which fell to the lowest rate in 2019 and the weakest since December 2018. Imports also contributed to stock growth. Gasoline imports nearly doubled to 1.35 million b/d, which is the highest rate since 2011 and one of the highest import rates ever recorded by EIA since the federal agency began tracking the data in 1982.
Drivers are now paying about 22 cents less than this same time last year.
Click here to view AAA's state and metro gas averages.
