Michigan gas prices continue to fall
AAA report found average gas price as of Sunday to be $3.548.
Published October 30, 2012 • 1 comment
By STEPHANIE COSBY, Staff Writer
Michigan drivers are in luck– for the first time in five months, Michigan’s gas prices fell below the national average last week.
AAA’s Daily Fuel Gauge Report found the average gas price as of Sunday to be $3.548, a roughly 24 cent drop from last month.
According to CNBC, the falling gas prices are a result of the recent switch to a less expensive winter grade of gasoline, weak refinery demand and an unexpected increase in domestic gasoline supplies.
While Michigan’s average is still ten cents higher than a year ago, AAA expects fuel prices to continue dropping through the election to the end of the year.
Avery Ash, AAA’s Manager of Federal Relations, stated in an Oct. 22 report that they expect the national average to fall to the $3.40-3.50 range by election day and land between $3.25-3.40 by Thanksgiving.