DETROIT (WWJ) – Gas prices are down considerably compared to a week ago.
According to GasBuddy.com, average retail gas prices have fallen 12.4 cents per gallon in the past week, and were averaging $3.26/gallon in Detroit on Sunday. This compares with the national average which has fallen 5.9 cents per gallon in the last week to $3.30/gallon.
Including the change in gas prices in Detroit during the past week, prices on Sunday were 16.0 cents per gallon lower than the same day one year ago and are 13.3 cents per gallon lower than a month ago. The national average has decreased 13.3 cents per gallon during the last month and stands 26.4 cents per gallon lower than this day one year ago.
“Last week saw new downward momentum in crude prices. After staying above $100/bbl for 111 days since early July, crude prices fell below $100 and just days ago closed as low as $96/bbl,” said GasBuddy.com Senior Petroleum Analyst Patrick DeHaan.
“In turn, the sudden drops in crude prices have pushed gasoline futures down as well, with motorists on the winning side of this all. The national average has picked up some steam on it’s downward trend and in some areas of the U.S., the wholesale price of gasoline is nearing yearly lows, which is adding up to significant savings for motorists. Americans are spending over $100 million per day less on gasoline than they did a year ago, and I’m willing to bet if every motorist used the GasBuddy app, the savings would be twice as significant,” DeHaan said.
Gas prices still too high for you? WWJ’s Ron Dewey spotted gas selling for $3.03/gallon at a station on Telegraph and West Six Mile roads in Detroit.