Michigan gas prices fall, dipping below $3.50 a gallon and could go lower

Frank Witsil, Detroit Free Press
Updated ·2 min read
19

Michigan gas prices dipped Monday, on average, below $3.50 a gallon, falling 12 cents from a week ago, according to AAA, with some analysts predicting that they will come down even more, depending on what happens in the Middle East.

Gas prices in recent weeks have fallen nationally. In Michigan, motorists are paying $3.47 a gallon for regular unleaded, down 25 cents from last month and 75 cents from a year ago, AAA said.

That’s about $52 for a 15-gallon tank.

"Michigan motorists are seeing much lower gas prices," said Adrienne Woodland, a AAA spokeswoman said. "If oil prices continue to decline, drivers can expect further price drops at the pump in the weeks ahead."

Gas prices in recent weeks have fallen nationally.
Gas prices in recent weeks have fallen nationally.

Tepid demand, alongside falling oil prices, has pushed pump prices lower. Demand increased from 8.01 to 8.58 million barrels a day, according to the Energy Information Administration.

Domestic gasoline stocks, however, fell by 1.3 million barrels to 225.7 million barrels.

West Texas Intermediate, the term used to refer to the spot price of oil, decreased by $2.48 to settle at $83.49. Oil prices rose last week after Hamas attacked Israel, but they have since dropped.

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Nationally, gas prices dropped for the fourth consecutive week, according to GasBuddy.

"The downward momentum has indeed gained steam," said Patrick De Haan, head of petroleum analysis at GasBuddy. He added that "virtually every village, town, city, region, and state" has seen "gasoline prices fall—with the added bonus that diesel prices have also declined."

De Haan predicted the national average could fall another 15-35 cents a gallon.

Most expensive gas price averages in Michigan

  • Marquette: $3.58

  • Jackson: $3.57

  • Traverse City: $3.54

Least expensive gas price averages in Michigan

  • Benton Harbor: $3.40

  • Flint: $3.42

  • Metro Detroit: $3.45

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

This article originally appeared on Detroit Free Press: Gas prices in Michigan fall, could go lower depending on Middle East