GRAND RAPIDS, Mich. — Gas prices remain a major question mark this Memorial Day weekend as a deal between the U.S. and Iran remains up in the air.
GasBuddy forecasts that the average price of gas could reach $4.80 a gallon this summer if the Strait of Hormuz remains closed for a large portion of the season.
While many drivers are hoping for relief at the pump, there have been calls to suspend the federal gas tax, with others also calling on states to suspend their own gas taxes.
According to the U.S. Energy Information Administration, here is what the elimination of both federal and state gas taxes would mean for prices in Michigan and surrounding states:
- Michigan: $0.71 less per gallon
- Illinois: $0.85 less per gallon
- Ohio: $0.57 less per gallon
- Indiana: $0.19 less per gallon
Suspending the taxes would come at a cost, however. According to past proposals, if Michigan were to suspend its gas tax for six months, the state would lose approximately $725 million to $750 million in revenue — money that funds transportation and infrastructure.
The White House has signaled progress toward an end to the war, but the Strait of Hormuz remains closed.
Even when it does reopen, GasBuddy analyst Patrick DeHaan said it could take up to a year for gas prices to fully recover after the Strait of Hormuz reopens.
As of early this morning, here is where gas prices stand county by county in West Michigan, according to GasBuddy — slightly lower than heading into the weekend:
- Kent County: $4.70 per gallon
- Muskegon County: $4.65 per gallon
- Ottawa County: $4.58 per gallon
- Kalamazoo County: $4.72 per gallon
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