DETROIT (WWJ) – Average retail gasoline prices in Detroit have fallen 5.0 cents per gallon in the past week, averaging $3.40 a gallon to close the week, according to GasBuddy’s daily survey of 1,734 gas outlets in Detroit. This compares with the national average that has fallen 1.5 cents per gallon in the last week to $3.49 a gallon, according to gasoline price website GasBuddy.com.
Including the change in gas prices in Detroit during the past week, prices yesterday were 16.6 cents per gallon lower than the same day one year ago and are 42.7 cents per gallon lower than a month ago. The national average has decreased 16.4 cents per gallon during the last month and stands 12.3 cents per gallon lower than this day one year ago.
“Beginning the month with the lowest pump prices since 2010 is a nice way to start August, but it’s unlikely that we’ll see gasoline production from coast to coast running as high in August as we’d seen during July,” said GasBuddy.com Senior Petroleum Analyst Gregg Laskoski.
“In recent years we’ve seen August refinery utilization slip a bit below July numbers and if that happens we may see prices increase especially in areas where consumers are flocking to enjoy the remainder of the summer driving season,” he added.
According to the most recent weekly AAA National report, here are some fuel factors:
• The Energy Information Administration reported that lower gas prices are due to:
• U.S. refineries running near their highest rates since 2005.
• Domestic demand that was reported last week to have dropped back below nine million barrels per day.
• The global oil market continues to closely monitor the situation abroad, including tensions between Ukraine and Russia, Hamas and Israel and production issues in Libya due to civil unrest.
• These events have yet to impact global supply, but have been cited by analysts as factors keeping a “floor” under crude oil prices and may limit how far U.S. pump prices can fall.
• Michigan was the number one state in the nation for the largest decrease in gas prices over the past 30 days (-43 cents) followed by Kentucky (-35 cents) and Illinois (-31 cents).
• Michigan placed first:
AAA surveys 2,800 Michigan gas stations daily. More information [here].