Gas Prices Fall 10 Cents In Week; Headed Under $2 By Halloween
DEARBORN (CBS Detroit) - As you may have noticed — gas prices are going down.
The statewide average has dropped about 10 cents in the past week, according to AAA Michigan, and experts believe it will continue to fall as we head toward Halloween.
The Dearborn-based auto club says the average price for self-serve regular unleaded gasoline was about $2.26 per gallon on Sunday. That's about $1.24 less than at the same point a year ago.
AAA says gas prices have fallen four weeks in a row; and analyst Patrick DeHann, of GasBuddy.com, isn't surprised.
"This is exactly what our fall forecast we put out entailed," he told CBS Detroit on Monday. "And it's only going to get better."
DeHaan said it won't be a complete downhill ride — with refinery issues and the link possibly popping up there and there; but, he said, prices will continue to trend downward through the holiday season.
"The lowest price in Detroit will be maybe in the $1.60, $1.70 range by the end of the year," he said. "But the average-- which is a safer way to look at things, should go under $2.00 by Halloween."
Metro Detroit saw a similar trend last year, with prices down below $2 a gallon for about a month around Christmas time. This year, he said, it looks like the cheap gas will stick around a little longer, perhaps through Valentine's Day.
More immediately, DeHann said to look for another significant drop in prices within the next 36 hours as Detroit shifts back to cheaper "winter gasoline." The EPA, he explained, requires gas stations in some areas, including metro Detroit, to sell higher grade "summer gas" during a certain period. Stations pay less for winter gas, he said.
As of Monday afternoon, GasBuddy's website showed multiple stations in the metro Detroit were already selling gas for under $2. For those paying cash, the best prices was $1.97 at the BP at Michigan Ave. and Mason St. in Dearborn. The highest price was $2.99 cash at the Speedy at Dix-Toledo Rd. and Poplar St in Trenton.
Statewide lowest average price, as reported by AAA, was about $2.16 per gallon in the Flint area, while the highest average was about $2.33 near Ann Arbor.
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