Michigan Gas Prices Down 11 Cents From Last Week Ahead Of July 4th Weekend
(CBS DETROIT) — Michigan’s average gas price is trending downward, dropping by 11 cents ahead of the Fourth of July weekend.
According to AAA, the state’s average price for regular gas on Monday sits at $5.04, which is a decrease from $5.15 last week. With prices dropping, some parts of the state are reporting an average below $5.
Traverse City and Benton Harbor, for example, have an average price of $4.93, while the Grand Rapids-Muskegon-Holland area reports $4.95 and Saginaw-Bay City-Midland at $4.99.
However, prices in Metro Detroit are still above $5, sitting at $5.14 a gallon on Monday.
AAA officials say the drop in the global price of oil contributed to the national average to drop now to $4.89. In addition, the price of oil has decreased from $110 per barrel to $107 per barrel.
“Fear is not a good reason to move a market like the one for oil, but it is a powerful motivator,” AAA spokesperson Andrew Gross said in a press release. “The cost of oil accounts for nearly $3 for every $4.89 at the gas pump. Consumers should find more relief when fueling up if oil prices drop further.”
© 2022 CBS Broadcasting Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.