Sept. 04–Gasoline prices in Michigan fell 7.2 cents per gallon in the past week and were averaging $2.82 per gallon, according to GasBuddy’s daily survey of nearly 5,000 gas stations in Michigan.
With the last week’s decrease in gas prices, prices were 6.8 cents per gallon lower than a month ago and 22.4 cents per gallon higher than a year ago. At the national level, gas prices dropped 4.4 cents per gallon in the last month but 18.3 cents per gallon higher than a year ago.
“Much of the blame for the summer’s higher gas prices can be blamed on OPEC’s long-term decision to cut oil production to better balance supply and demand, pushing prices higher,” said Patrick DeHaan, head of petroleum analysis for GasBuddy.
“Now that summer is over, gas prices are likely to seasonally decline by the end of the year, but with Tropical Storm Gordon likely to impact the sensitive Gulf Coast region, gas prices may move higher before we see the seasonal down trend emerge.”
Looking historically, the cheapest prices in the past five years were seen in 2016 when gasoline was $2.27 per gallon. The highest prices were seen in 2013 when gasoline was $3.71 per gallon.
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