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Fears ease over gas hitting $5 a gallon

Published 11:12pm Monday, May 7, 2012

Average retail gasoline prices in Michigan have risen 1.4 cents per gallon in the past week, averaging $3.82 per gallon Sunday. This compares with the national average that has fallen 2.9 cents per gallon in the last week to $3.77 per gallon, according to gasoline price website MichiganGasPrices.com.

Including the change in gas prices in Michigan during the past week, prices Sunday were 32.4 cents per gallon lower than the same day one year ago and are 8.3 cents per gallon lower than a month ago. The national average has decreased 13.4 cents per gallon during the last month and stands 15.9 cents per gallon lower than this day one year ago.

“I’d probably sound like a broken record at this point if I were to tell folks that crude prices breached and fell under $100 late last week. I’m sure I’ll be flooded with motorists asking why gasoline prices haven’t fallen yet,” said Patrick DeHaan, a senior petroleum analyst at GasBuddy.com.

“Either way, it’s great news for motorists, but some hot spots may burn motorists before they see any sizable relief. When I mention hot spots, I’m thinking of the West Coast – where supply has dropped considerably, causing tightness and perhaps higher prices. The rest of the country, however, should see short term relief continue ahead of Memorial Day, easing unfounded fears of the national average hitting $5 per gallon or even $4 per gallon.

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