Michigan gas prices are lowest since July 2017

Michigan gas prices are lowest since July 2017
Posted at 1:58 PM, Dec 03, 2018

Last week, the state of Michigan set a new 2018-low for gas prices, and prices once again fell this week to see the lowest price since July 2017.

According to AAA Michigan, gas prices dropped another 12 cents last week and averaged $2.28 per gallon on Sunday.

Gas prices for the month of November were also the lowest November in two years and were 34 cents per gallon less than October 2018. They were 12 cents less than November 2017 but prices were around $2.11 per gallon in November 2016.

Prices in metro Detroit averaged $2.36 per gallon on Sunday, AAA Michigan said, and drivers are paying 14 cents per gallon less than this time last year.

The most expensive prices were in Marquette, Ann Arbor and metro Detroit while the cheapest was in Grand Rapids, Jackson and Benton Harbor.

"Compared to when pump prices peaked in May, Americans are now saving an average of $13 every time they go to the pump," said Nancy Cain, spokesperson, AAA - The Auto Club Group. "Plunging oil prices have made gasoline far less expensive to produce. Oil prices sank to 14-month lows, because there's so much oil in the global market and not enough demand to absorb it. OPEC and Russia hope to change that. They meet on Thursday to discuss a production cut, in hopes of boosting oil prices. A significant cut could have an immediate impact on gas prices, but to what extent will depend on how the oil market responds."