Gasoline prices dropped to an impressive $2.98 per gallon at several stations in Lansing today, following several days of falling wholesale gasoline prices. While the drops are certainly most welcome by motorists, stations selling at such rock bottom prices are likely losing money and these prices may not last.
Elsewhere around Michigan, the lowest prices in Grand Rapids were reported at $3.38, $3.41 in Kalamazoo, $3.19 in Detroit, $3.26 in Flint, $3.35 in Ann Arbor, $3.65 in Gaylord and $3.53 in Traverse City.
Motorists should expect average prices to be $3.25 to $3.50 for the next few weeks as economic concerns continue to drive speculators out of gasoline. Concerns are plentiful that the U.S. economy is entering a time of extended slow down, thus reducing the demand for gasoline.