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Gas Prices Fall Below $3 Mark

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Gas prices fall below the $3 mark in Milford on Oct. 29, 2013.  (credit: Mike Campbell)

Gas prices fall below the $3 mark in Milford on Oct. 29, 2013. (credit: Mike Campbell)

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DETROIT (CBS Detroit) – A miracle in Milford?

Gas prices are going down, down, down — falling below the $3 mark at more than one southeast Michigan service station.

The price was set a $2.99 a gallon, Tuesday afternoon, at a Milford Speedway, located at 105 S. Milford Road at General Motors Road.

For those who pay with cash, the price was $2.97 a gallon at the Marathon on 110 S. Milford Road and General Motors Road. The price there was $3.07 when paying with credit.

Meantime, the lowest price found in the city of Detroit was $3.05 a gallon at a Valero station at 23540 W. 7 Mile Road at Shiawassee Dr.

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.

Talking to WWJ Newsradio 950 on Monday GasBuddy.com Senior Petroleum Analyst Patrick DeHaan said sudden drops in crude prices have pushed gasoline futures down as well, with motorists on the winning side.

“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,” said DeHaan, “which is adding up to significant savings for motorists.”

CLICK HERE to find the best price near you.

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