AAA Michigan: Gas Prices Fall 16 Cents In Past Week To $2.84
DEARBORN, Mich. (AP) — Gas prices statewide have dropped by about 16 cents in the past week, according to AAA Michigan.
The decline in gas prices follows an increase of about 50 cents reported a week earlier by AAA Michigan amid a partial shutdown of an Indiana oil refinery. Last Monday, Michigan ranked third in the nation, behind Indiana and Illinois, for largest weekly increases in gas prices and seventh for the most expensive average gas prices at about $3 a gallon.
The average price of self-serve regular unleaded gasoline was about $2.84 per gallon on Sunday, the Dearborn-based auto club reported. That's about 66 cents less than it was at the same time last year.
AAA Michigan surveys daily fuel prices at 2,800 gas stations across the state. The lowest average price was about $2.76 per gallon in the Saginaw/Bay City/Midland area, while the highest average was about $2.91 in the Marquette area.
On Aug. 8, a malfunction was reported at BP's largest crude distillation facility in Whiting, Indiana. The facility remains closed, but BP reportedly is addressing the supply shortage by receiving additional fuel supplies and has met all of its current contractual requirements.
The recent upward pressure on gas prices appears to be easing, AAA Michigan said. Experts believe supply soon will outpace demand, partly due to the decline in both exports and consumer spending from April to June in Japan.
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