NewsLocal News

Actions

Gas prices expected to go even lower before the holidays

Posted: 9:00 AM, Nov 14, 2018
Updated: 2018-11-14 09:00:56-05

Gas prices are pretty low as we approach the holiday season and the busiest travel day of the year, but it looks as though prices will get even lower.

The national average for a gallon of unleaded as of November 14th is $2.67, but the state average in Michigan is $2.56, which is down 33-cents from last month.

Gas Buddy is recommending motorists hold off on filing up their tanks thanks to a large single day drop in crude oil.

Tuesday saw a 7% decline, which extended the record streak of 12 days that oil has moved lower.

Experts, while shocked at the declining prices, say that most states could see a decline of 5 to 15 cents per gallon ahead of Thanksgiving.

Patrick Dehaan, the head of petroleum analysis at Gas Buddy says, "A 26% drop in the price of oil is absolutely shocking given the environment and concern ahead of the Iran sanctions that the oil market was not supplied with enough oil."

As of November 14th, the average for a gallon of gas in Ingham county is $2.54, Eaton county is $2.45, Jackson county $2,46, and Clinton county $2.52.

This is much lower than the state average back in 2013, when it was sitting at $3.27.