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Gas Prices Tumble

DETROIT (WWJ) – Gas prices have taken a tumble in Metro Detroit. GasBuddy.com says prices are down 15 cents in the past week to an average of $3.56. That’s 11 cents lower than one year ago. Nationally, the average price of a gallon of gas has fallen 2.7 cents in the last week to $3.65.

Gas Buddy says prices will likely plateau at this point – at least until hurricane season is in full swing.

“After an impressive run that saw the national average begin to approach its springtime high, it appears prices have plateaued- at least for now,” said GasBuddy.com Senior Petroleum Analyst Patrick DeHaan.

“Oil prices appear to be taking a breather, but with the peak of hurricane season approaching, a continued upward trajectory in gasoline prices is certainly possible, should we see a major storm take aim for the Gulf. Crude inventories have also declined four consecutive weeks, and large decreases in crude inventories in the near future may be cause for rising oil prices as well,” DeHaan said.

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