DETROIT (WWJ) – It’s something we’ve been noticing nearly every day: a fluctuation in prices at the pump. And lately, we’ve been noticing that gas prices have been going down.
Oil industry analyst Trilby Lundberg says there are several factors contributing to the price decline at the pump.
“Lower crude oil prices, and then a variety of hits to gasoline demand; one of which was we used less after August anyway,” Lundberg said. “Another was higher prices, and a third, of course, is now Storm Sandy’s effect.”
The statewide average here in Michigan is currently $3.41 a gallon, down roughly .08 cents in the past week. AAA Michigan said the average is about .03 cents per gallon more than last year at this time.
Of the Michigan cities it surveys, AAA said the cheapest price for self-serve unleaded fuel is in the Traverse City area, where it’s about $3.26 a gallon. The highest average is in the Marquette area at about $3.44.