Area gas prices continue fallingPublished 7:31pm Monday, November 14, 2011
Average retail gasoline prices in Michigan have fallen 3.8 cents per gallon in the past week, averaging $3.43 per gallon Sunday.
This compares with the national average that has fallen 1.1 cents per gallon in the last week to $3.43 per gallon, according to gasoline price website MichiganGasPrices.com.
Including the change in gas prices in Michigan during the past week, prices Sunday were 45.6 cents per gallon higher than the same day one year ago and are 3.9 cents per gallon lower than a month ago.
The national average has decreased 4.4 cents per gallon during the last month and stands 54.4 cents per gallon higher than this day one year ago.
“Even as crude oil comes close to $100 per barrel, retail gasoline prices have held their ground and spot prices for gasoline have given up gains,” said Patrick DeHaan, GasBuddy.com Senior Petroleum Analyst.
“We certainly have some shifts going on in the market as diesel production is favored over gasoline, meaning refiners will boost production of distillate at the cost of gasoline production.
Diesel and middle distillate demand remains strong while gasoline demand is somewhat weak, causing gasoline to seemingly disconnect from the upward trend of the crude oil and distillate market,” DeHaan added.
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