As AAA-The Auto Club Group announced on Monday, gasoline prices in Michigan have fallen by 5 cents compared to the previous week, so that drivers in Michigan will pay an average of $3.41 at the pump for regular unleaded gasoline before Labor Day.
The price is 39 cents lower than the same period last month and 37 cents lower than a year ago. Drivers pay an average of $51 for a full 15-gallon tank of gas.
According to new data from the Energy Information Administration, gas demand rose to 9.19 from 9.04 million barrels. Meanwhile, total domestic gasoline inventories fell to 220.6 million barrels from 222.2 million, but gasoline production rose, averaging 9.8 million barrels per day.
The EIA reports a decline in crude oil inventories of 4.6 million barrels from the previous week. At 426 million barrels, U.S. crude inventories are about 5% below the five-year average for this time of year, officials reported.
“Gasoline prices continue to fall. Michigan drivers are seeing the lowest prices since early June,” AAA spokeswoman Adrienne Woodland said in a statement Monday. “Low gasoline demand, stable supply and low oil prices could lead to further price declines at the pump.”
Compared to last week, the average price of gasoline in Metro Detroit has dropped. The current average in the region is $3.44 per gallon, about 10 cents less than last week’s average and 35 cents less than the same time in 2023.
The highest gas prices are in Ann Arbor ($3.52), Metro Detroit ($3.42) and Jackson ($3.44). The lowest gas prices are in Grand Rapids ($3.32), Flint ($3.32) and Saginaw ($3.35).
According to a GasBuddy survey of 1,734 Detroit gas stations, average gasoline prices in Detroit have fallen 9 cents per gallon over the past week, averaging $3.42 per gallon.
Prices are 30 cents per gallon lower than a month ago and 34 cents per gallon lower than last year.
The national average price of diesel fell 3 cents last week to $3.67 per gallon, a multi-year low.
According to GasBuddy’s price reports, the cheapest gas station in Detroit on Sunday was $2.89 per gallon, while the most expensive was $4.09. The lowest price in the state on Sunday was $2.72 per gallon, while the highest was $4.19.
The national average price of gasoline fell 6 cents per gallon over the past week, averaging $3.30 per gallon.
The national average is down 20 cents per gallon from last month and is 49 cents per gallon lower than a year ago, according to GasBuddy data compiled from over 11 million weekly price reports from more than 150,000 gas stations across the country.
“It seems fitting that the national average has fallen for four weeks in a row leading up to Labor Day, to its lowest level since February. This gives Americans one last chance to hit the road without gasoline prices playing a major role,” said Patrick De Haan, head of petroleum analysis at GasBuddy, in a press release.
“GasBuddy is currently tracking eight states where the average price of gas is already below $3 per gallon, and nearly 20% of gas stations nationwide are selling gas for $2.99 or less. These numbers will continue to improve week over week through the fall,” he said, adding that the company expects road trip travelers to save millions of dollars compared to last year.
This year’s record-breaking summer travel season comes to an end on Labor Day weekend.
Travelers driving should expect to pay less for gas compared to last year. The national average over Labor Day weekend 2023 was $3.81. Over the past few weeks, gas prices have held steady at around $3.40.
Despite the popularity of summer road trips, overall demand for gasoline has declined as daily driving habits have changed post-pandemic and price spikes are moderated. Hurricanes hitting the Gulf and impacting regional refineries could cause gasoline prices to rise as the peak of the season approaches in September.
“Americans see the Labor Day long weekend as an opportunity to say goodbye to summer with one last trip,” said Debbie Haas, vice president of travel at AAA, in a press release. “With many children already back in school, regional road trips are the most popular option among families. For that reason, others see this as an opportunity to travel the world, expecting smaller crowds in popular locations.”
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