Just Before Memorial Weekend, Gas Prices Jump 12 Cents From Last Week

Gas prices these days go up and down like the stock market.

In Michigan, prices jumped 12 cents over last week, according to AAA.

Michigan drivers now pay an average of $3.18 per gallon for regular unleaded. That’s the same price as this time last month and 38 cents cheaper than a year ago, according to AAA.

Motorists are paying an average of $47 for a full 15-gallon tank of gasoline — a discount of about $10 from 2024’s highest price last July, the insurance company says.

In a press release, AAA writes:

According to new data from the Energy Information Administration (EIA), gasoline demand increased from 8.71 million barrels per day (b/d) to 8.79 million b/d. Total domestic gasoline supply decreased from 225.7 million barrels to 224.7 million barrels. Gasoline production also decreased last week, averaging 9.4 million barrels per day.

At the close of Wednesday’s formal trading session, WTI crude fell 52 cents to settle at $63.15 a barrel. The EIA reports that crude oil inventories increased by 4 million barrels from the previous week. At 441.8 million barrels, U.S. crude oil inventories are about 6% below the five-year average for this time of year.