Monday, gas prices in Michigan have fallen dipping below $3.50 a gallon over the past week in a trend of falling gas prices, according to AAA, with some analysts predicting that the prices will come down more, depending on what happens in the Middle East.
Gas Prices Continue To Drop
Gas prices in recent weeks have fallen nationally, Abc 7 reported that the gas prices are now $3.47 per gallon on average in the state, which is 25 cents less than this time last month and 75 cents less than this time last year.
In metro Detroit, the gas prices have fallen dipping 9 cents to $3.45 per gallon, which is 65 cents less than this same time last year. That’s about $52 for a 15-gallon tank.
Low demand has led to reduced gas prices that have been accompanied by declining gas prices. Demand rose from 8.01 to 8.58 million barrels per day, the Energy Information Administration says.
Drivers Can Expect Further Price Drops
Domestic gasoline stocks, however, fell by 1.3 million containers to 225.7 million containers.
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.
Adrienne Woodland, spokesperson, AAA-The Auto Club Group stated that Michigan motorists are seeing much lower gas prices, with the state average down 25 cents in the past two weeks. Furthermore, if oil prices continue to decline, drivers can expect further price drops at the pump in the weeks ahead.