• Costco, with cheaper gas, said it is seeing record demand for fuel.
• Restaurant chains report “weaker-than-expected” sales growth.
• An ExxonMobil executive warned of “unheard of” inventory levels.

Gasoline prices fell nationwide and, in a few states, even dropped below $4 a gallon, which one petroleum analyst said was a sign of “growing optimism surrounding a potential U.S.-Iran agreement,” but even as fuel prices dropped, there are now new concerns.

In Michigan, gasoline dropped to $4.35 a gallon on Monday, June 1, according to AAA, while crude oil prices — the primary factor in fuel costs — started edging up, which could make it harder to reach a peace deal that would reopen the Strait of Hormuz.

Crude oil prices rose after the United States and Iran each launched new strikes.

“Michigan drivers are getting some relief at the pump,” said Adrienne Woodland, a spokeswoman for AAA. “While the drop is welcome as we head into the busy summer travel season, fuel prices remain volatile and could shift again quickly.”

Higher fuel prices are causing some motorists to rethink how they shop for gas and are likely affecting other spending habits as well, such as cutting back on eating out.

One oil company executive also warned about how low oil inventories are getting.

Patrick De Haan, head of petroleum analysis at GasBuddy, said average gasoline prices declined in all 50 states over the last week, and were below $4 a gallon in 15 states, “offering motorists some of the most widespread relief seen in weeks.”

De Haan said much of the decline came from growing optimism for a deal.

Renewed attacks spark uncertainty

The average price of regular unleaded gasoline in Michigan dropped on Monday by 28 cents from a week ago, according to AAA. But it was still significantly higher than before the war in the Middle East.

Throughout the state, the most expensive gas price averages were in Traverse City, $4.48 a gallon; Ann Arbor, $4.43; and Benton Harbor, $4.42; the least were in Flint, $4.15; Lansing, $4.19; and Marquette, $4.22.

A year ago, regular unleaded gasoline in Michigan was $3.08 a gallon.

Diesel prices, $5.84 a gallon in Michigan, also fell.

“However,” De Haan said, “the coast is anything but clear. Oil prices edged higher Sunday evening as uncertainty surrounding a potential deal persisted and renewed Israeli attacks added another layer of geopolitical risk.”

He added that motorists “may continue to see some short-term relief,” they also may “soon experience another upward swing as retailers run out of room to lower prices further. Overall, any setback in negotiations could quickly reverse the recent decline in fuel prices.”

In addition to the rising oil prices, there are now indications that the price of gasoline could go higher again with increased demand during the summer travel season and more Mideast conflict.

Mitigating pain at the pump

Michigan motorists are now paying about $66 for a full 15-gallon tank of gasoline, with some even telling the Free Press during the past few weeks that to mitigate the pain at the pump, they’ve stopped filling up all the way.

Instead, they said they are making more frequent stops and shopping around.

Costco — the membership-only, warehouse club retail chain that tends to sell lower-priced gas — said during its recent quarterly earnings report that it is seeing record demand for gasoline.

More: Michigan gas prices are near $5. Here’s how drivers are saving at the pump

It has been so overwhelmed, CNN reported, that tanker trucks are refilling stations multiple times a day.

On top of that, according to a Reuters report, several U.S. restaurant chains such as Wingstop and Domino’s have reported “weaker-than-expected sales growth” in the latest quarter, saying that high gas prices are leading their customers to cut back.

The report added that “analysts expect other restaurant chains also ‌will show declining sales growth.”

And one oil company senior executive warned last week that global oil inventories are approaching record lows, which he said, potentially could cause oil prices — and then gasoline prices — to suddenly increase in two or three weeks.

ExxonMobil senior vice president Neil Chapman spoke at a conference on Thursday in New York, and, according to CNBC, cautioned that “we’re approaching unheard of inventory levels,” what he referred to as “really, really low levels.”

He added: “Once you get to that point, then you’ll see the price shoot up.”

Contact Frank Witsil: 313-222-5022 or fwitsil@freepress.com

Michigan’s 2027 class experienced a blow on Sunday when three-star Las Vegas (Nev.) Centennial safety Maxwell Miles announced he was flipping to Minnesota.

Miles’ decision to join the Wolverines took place in March during the program’s first commitment surge of the offseason. He took a visit during spring camp and quickly pledged.

Miles becomes the second safety this cycle this decommit from Michigan following Darrell Mattison flipping to Ole Miss a few weeks ago. Currently, U-M yields 14 commits in 2027 heading into June.

The news came once Miles took an official visit to Minnesota over the weekend, leading to him siding with the Golden Gophers. One of the schools that Miles picked Michigan over included Minnesota, along with Vanderbilt, Wake Forest, and San Diego State. Safeties coach Tyler Stockton was the leading figure in originally landing Miles.

“Me and Coach Stockton have a good relationship,” Miles told Maize n Brew. “He keeps it real with me and pushes me to be better, and I respect that a lot. Same with Coach (Kyle) Whittingham, it’s a strong relationship. He’s someone I can learn a lot from, and I appreciate how he approaches the game with his players.”

Two projected safeties make up Michigan’s 2027 class in four-star Tavares Harrington and three-star Charles Woodson Jr.

Rounding out the group are four-star tight end Colt Lumpris, four-star cornerback Darius Johnson, four-star defensive lineman Xavier Muhammad, four-star wide receiver Quentin Burrell, four-star running back Tyson Robinson, four-star edge rusher Jayce Brewer, four-star offensive lineman Jakari Lipsey, four-star edge rusher Recarder Kitchen, four-star quarterback Kamden Lopati, three-star linebacker Brayden Watson, three-star offensive lineman Sidney Rouleau, three-star running back Lundon Hampton and three-star offensive lineman Louis Esposito.

Rivals lists the class as the 10th-best in the FBS and fourth in the Big Ten.

The Oklahoma City Thunder’s season came to an end just short of reaching the NBA Finals.

After another strong campaign, OKC battled the San Antonio Spurs, but fell in a seven-game series, missing two key players for most of the matchup.

Even with Jalen Williams and Ajay Mitchell, though, the Thunder’s primary issue against San Antonio was defending superstar Victor Wembanyama. Oklahoma City managed to slow down the 22-year-old in a few matchups, but it ultimately wasn’t enough to win the series.

Mark Daigneault’s team will now head into the offseason with a few opportunites to find answers to this problem, however. In addition to Williams and Mitchell returning to full health, which will be key for OKC, Thomas Sorber, the Thunder’s first-round pick in 2025, should be healthy after missing his entire rookie season with a torn ACL.

Oklahoma City also has two picks in the first round of the 2026 NBA Draft, and could add more young pieces to the roster.

A pair of recent mock drafts slotted Michigan big man Aday Mara to OKC, who could be an interesting option to try and combat Wembanyama’s size and length. Mara measured at 7-foot-3 without shoes at the NBA Combine, recording a 7-foot-6 wingspan, 9-foot-9 standing reach and weighing 259 pounds.

Given Wembanyama’s abilities, it seems unlikely that any rookie can fully counteract the MVP Finalist and Defensive Player of the Year, but Mara’s size would give OKC another matchup to try against the Spurs’ standout.

After two seasons at UCLA, Mara had a breakout season with Michigan, averaging 12.1 points, 6.8 rebounds, 2.4 assists and 2.6 blocks per game while shooting 66.8% from the field. Mara earned Big Ten Defensive Player of the Year and All-Big Ten recognition for his efforts, helping the Wolverines with a national championship in his lone campaign with the team.

Bryan Kalbrosky of USA Today slotted Mara to OKC with the No. 12 overall pick in this summer’s draft, while Cameron Salerno of CBS Sports projected the Thunder to trade the No. 12 and No. 17 selections for the No. 9 overall pick to draft Mara.

Kalbrosky also paired Tennessee’s Nate Ament with Oklahoma City at No. 17 overall. Ament recently said in an interview with Kevin O’Connor that he completed a predraft workout with the Thunder.

Ament measured 6-foot-9-and-a-half without shoes and notched a 6-foot-11-and-a-half wingspan, weighing 210 and recording a standing reach of 9-foot-1-and-a-half at the NBA Combine.

As a freshman at Tennessee, the former five-star recuit averaged 16.7 points, 6.3 rebounds, 2.3 assists and a steal per game while shooting 39.9% from the field and 33.3% from 3-point range.