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Gas prices way down compared to 2012

Published 3:23pm Monday, January 14, 2013

Average retail gasoline prices in Michigan have fallen 6.5 cents per gallon in the past week, averaging $3.24 a gallon Sunday, according to GasBuddy’s daily survey of 4,913 gas outlets in Michigan. This compares with the national average that has fallen 0.6 cents per gallon in the last week to $3.26 a gallon, according to gasoline price website GasBuddy.com.

Including the change in gas prices in Michigan during the past week, prices yesterday were 31.5 cents per gallon lower than the same day one year ago and are 2.0 cents per gallon lower than a month ago. The national average has decreased 1.4 cents per gallon during the last month and stands 8.7 cents per gallon lower than this day one year ago.

“The holiday buzz is wearing off and wholesale gasoline prices have fizzled. It appears that this year there will be little change in gas prices between Christmas and mid-January, something that has only happened one out of the last seven years,” said GasBuddy.com Senior Petroleum Analyst Patrick DeHaan. “Gasoline inventories have rebounded sharply in the past several weeks, certainly a major factor behind the relatively stable gasoline prices. It’s hard for prices to rally with the monster increases in supply we’ve been seeing.”

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