Michigan Gas Prices Continue Downward Trend, Now $4.63 A Gallon
(CBS DETROIT) -- Michigan is seeing a downward trend in gas prices, AAA announced Monday (July 18).
Officials say the state's average price is $4.63 a gallon, which is 56 cents less than last month. However, it is $1.36 more than last year.
Drivers are reportedly spending an average of $69 for a full 15-gallon tank of gas -- a drop from $72 last week.
"Michigan motorists have seen pump prices drop 56 cents over the past month," AAA spokesperson Adrienne Woodland said in a press release. "If the recent supply/demand dynamics hold, drivers will likely continue to see pump prices decline."
In Metro Detroit, average gas prices have also dropped to $4.67, which is about 21 cents less than last week's average. It is $1.38 more than last year.
- Most expensive gas price averages: Marquette ($4.92), Ann Arbor ($4.74), Traverse City ($4.72)
- Least expensive gas price averages: Benton Harbor ($4.50), Grand Rapids ($4.54), Flint ($4.61)
According to data from the Energy Information Administration, the demand for gas dropped from 9.41 million barrels per day to 8.06 million barrels per day.
Officials say the decrease in demand and declining oil prices are contributing to prices at the pump going down. The cost of barrel is in the mid-$90s, compared to $110 two weeks ago.
The national average sits at $4.52, which officials say is 15 cents less than last week.
"Global economic headwinds are pushing oil prices lower and less expensive oil leads to lower pump prices," said Andrew Gross, AAA spokesperson. "And here at home, people are fueling up less, despite this being the height of the traditional summer driving season. These two key factors are behind the recent drop in pump prices."
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