AAA Michigan: Statewide average gas prices fall 10 cents
15 February, 2018, 11:32
The price of a barrel of crude oil dropped $6 on the New York Mercantile Exchange last week, retreating from $65.45 on February 2 to close at $59.20 on Friday.
The average price here slid 2.1 cents to $2.85 a gallon, after six straight weeks of small increases that added 21 cents to the price per gallon here, GasBuddy said Monday.
Including the change in gas prices in Lansing during the past week, prices yesterday were 15.2 cents per gallon higher than the same day one year ago and are 28.8 cents per gallon lower than a month ago. "However, refinery maintenance season is fast approaching and could spoil this big break for motorists".
While gas prices usually increase in March, strong consumer confidence contributed to increased demand for gasoline this winter, according to a release from AAA.
AAA Michigan says gas prices statewide have fallen by about 10 cents per gallon in the past week. "Expect volatility at the pump as these forces collide".
"As the Dow Jones average swung violently, oil prices lost considerable ground, falling below $60 per barrel for the first time this year", said Patrick DeHaan, head of petroleum analysis for GasBuddy. According to the U.S. Energy Information Administration, prices began to shift midway through last week with gains in both domestic production and inventory.
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Oil prices struggled to recover Monday and closed up just 18 cents at $59.38.
Gas prices throughout Florida rose 7 cents early last week but then declined a penny each of the past three days, AAA said.
The Massachusetts price is two cents below the nationalaverage for regular unleaded of $2.58.
In Rockford, prices are about even from this time last month, while almost 40¢ higher than last February.
Here's some positive news for your Monday morning: Gas prices are on the way down, falling both in IL and across the USA, according to a new GasBuddy analysis. For instance, at Yamato and Jog roads in Boca Raton, automobilists could opt to pay $3.24 a gallon at the Mobil station on Glades Road and Northwest Seventh Avenue. The price per gallon continues to climb.
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