Average retail gasoline prices in Michigan have fallen 1.8 cents per gallon in the past week, averaging $3.69 per gallon Sunday. This compares with the national average that has fallen 4.7 cents per gallon in the last week to $3.60 per gallon, according to gasoline price website MichiganGasPrices.com.
Including the change in gas prices in Michigan during the past week, prices Sunday were 94.6 cents per gallon higher than the same day one year ago and are 8 cents per gallon lower than a month ago. The national average has decreased 6.7 cents per gallon during the last month and stands 85.4 cents per gallon higher than this day one year ago.
“After watching oil decline dramatically two weeks ago, prices rebounded some $12 per barrel last week, which may severely limit relief at the gas pump,” said Patrick DeHaan, GasBuddy.com senior petroleum analyst. “The smallest sliver of hope in the economy seems to make some market players forget the bigger issues this country faces.
“Last week, this situation led to buying spree in oil prices, something that I just don’t see lasting,” DeHaan adds.