DETROIT (WWJ) – Gas prices around metro Detroit appear to be dropping.
The latest figures show that the average retail gasoline prices in Detroit have fallen 7.9 cents per gallon in the past week, averaging $3.74/gallon at the start of the week. This compares with the national average that has fallen 3.2 cents per gallon in the last week to $3.53/gallon, according to the website DetroitGasPrices.com.
However, the drop may not last long as issues overseas continue to develop.
“I have a sneaking suspicion that the election in Greece may stir up oil prices this week, and we could see oil prices gain as markets feel more upbeat about the economic situation,” said GasBuddy.com Senior Petroleum Analyst Patrick DeHaan.
And DeHaan adds, “While any gains in oil prices won’t likely be immediately felt, the debt situation in Europe bears keeping a close eye on as it has far reaching global implications.”
Including the change in gas prices in Detroit during the past week, prices Sunday were 3.8 cents per gallon higher than the same day one year ago and are 3.1 cents per gallon higher than a month ago.
The national average has decreased 17.6 cents per gallon during the last month and stands 12.6 cents per gallon lower than this day one year ago.