DETROIT (WWJ) — The price of U.S. crude oil fell below $40 per barrel before ending up at $40.45 on Friday, renewing speculation that gasoline prices could drop below $2 per gallon in many parts of the country later this year.
There is optimism following repairs at a BP refinery in Whiting, Indiana that led to last week’s 80-cent per gallon spike in fuel prices in Michigan and throughout the Midwest.READ MORE: Michigan Matters: Helping Young Folks & Cancer Patients
Patrick DeHaan, Senior Petroleum Analyst with GasBuddy.com, told WWJ Newsradio 950 as long as that refinery is up and running, Michigan residents can expect prices to dip back down.
“We got the news today that perhaps BP could restart as soon as this weekend,” DeHann said. “So Michigan prices in the next week or two are likely to decline, so long as that report is accurate.READ MORE: Meet These Two Bear Cubs Who Have Become Inseparable At The Detroit Zoo
“But that will open the door for perhaps sub-$2 per gallon prices in Michigan even earlier than Thanksgiving,” DeHann said.
The decline in the price of over the past eight consecutive weeks is the longest streak in nearly three decades.