Record Low Gas Prices on the Way

AAA reports that gas prices inched up about three cents this past week. Michigan’s current statewide average is about $3.00 per gallon, about 3 cents more than last week and about 22 cents less than this same time last year. The report notes that pump prices usually drop during the autumn season due to decreasing demand and the cost savings associated with producing winter-blend gasoline. However global oil prices have declined more than anticipated, as supply has outpaced demand, contributing to even greater savings at the pump for drivers. Barring an unexpected market-moving development this winter, motorists can expect to pay retail prices that are relatively low, and could see the price continue to tick downward even a little further as gasoline stations adjust to falling oil prices in the global market. AAA predicts the national average could fall another 5-15 cents in the coming weeks, which could make for the cheapest Thanksgiving gas in half a decade.