Gas Prices Dropping, But Maybe Not For Long

DETROIT (WWJ) – Gas prices in Southeast Michigan have dropped to below $3 per gallon.

Tipsters this morning at said stations in the Monroe area have dropped to as low as $2.89 per gallon. Across the Ohio line, it’s more than a dime cheaper per gallon.

In Detroit, gas prices have fallen an average of 14.1 cents per gallon in the past week, and were averaging $3.23 a gallon as of Sunday. That’s according to gasoline price website That compares with the national average, which has fallen 8 cents per gallon in the last week to $3.25/gallon.

According to AAA Michigan, the average price of a gallon of gas is currently $3.25 in the Detroit area. More info available in the AAA Fuel Gauge Report.

Just last week, gas prices in Detroit were averaging $3.38 per gallon after falling 6.5 cents per gallon the week prior.

Including the change in gas prices in Detroit during the past week, prices yesterday were 4.1 cents per gallon higher than the same day one year ago and are 27.6 cents per gallon lower than a month ago. The national average has decreased 18.3 cents per gallon during the last month and stands 1.3 cents per gallon higher than this day one year ago.

“The drop in gas prices certainly has been well noted- in some instances people have been calling this a gas price crash. Dub it whatever you like, but I’ll remind motorists: gasoline prices in some areas still could set all-time record highs for Christmas Day,” said Senior Petroleum Analyst Patrick DeHaan. “While it is excellent that gasoline prices have dropped, I’m not on board with this being called a gas price crash. Call me a grinch, call me a realist, but at the end of the day, data doesn’t lie – and that data shows that gasoline prices are still clinging near all time highs for today’s date,” DeHaan said.


One Comment

  1. insiderhedge says:

    Reblogged this on Insider Hedge.

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