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AAA
Weekly
Gas
Prices
Report:
Oil
Reaches
8-Month
Lows;
Gas
Prices
are
Lowest
Since
March
DEARBORN,
Mich.,
(November
12,
2018) —
Fuel
prices
are
plunging.
Crude
oil dove
to
8-month
lows
last
week,
which
means
the
slump at
the pump
should
continue.
Gas
prices
in
Michigan
dropped
10 cents
last
week.
The
state
average
is the
lowest
since
March,
and also
now
below
year-ago
levels.
Sunday's
state
average
of $2.61
per
gallon
is 33
cents
less
than a
month
ago, and
15 cents
less
than
this
time
last
year.
Since
reaching
$3.02
per
gallon
in
September,
the
state
average
has
declined
42 of
the last
46 days
for a
total of
41
cents.
However,
the
Michigan
state
average
remains
nearly
20 cents
higher
than
this
year's
low of
$2.42,
set on
February
21.
"Michigan
motorists
are
beginning
to find
some of
the
lowest
gas
prices
they've
seen
since
early
this
year,"
said
Nancy
Cain,
spokesperson,
AAA -
The Auto
Club
Group.
"The
price of
producing
gasoline
has
dramatically
declined
during
the past
month,
thanks
to
concerns
of lower
global
demand
and
strong
fuel
supply
and
production.
Unless
oil
prices
change
course,
motorists
could
easily
see pump
prices
shed
another
10-20
cents
before
2019,
and slip
below
year-ago
levels
by
Thanksgiving."
Gas
prices
in Metro
Detroit
are also
below
year-ago
levels.
After
nearly
reaching
$3 a
gallon
in
September,
average
prices
in the
metro
area
have
declined
42 of
the past
46 days
for a
total of
33
cents.
On
Sunday,
the
average
price
for a
gallon
of
regular
was
$2.67/g.
Click
here to
view
AAA's
state
and
metro
gas
price
averages
• Most
expensive
gas
price
averages:
Marquette
($2.86),
Ann
Arbor
($2.72),
and
Metro
Detroit
($2.67)
• Least
expensive
gas
price
averages:
Grand
Rapids-Muskegon-Holland
($2.47),
Benton
Harbor
($2.52)
The
national
average
has
declined
20
cents,
during
the past
month.
Last
week
alone,
U.S. gas
prices
dropped
6 cents,
on
average.
However,
Sunday's
national
average
of $2.70
per
gallon
remains
14 cents
more
than
this
time
last
year,
and 21
cents
more
than
this
year's
low of
$2.49
(January
3).
SUMMARY
• Crude
oil
declined
for the
5th
consecutive
week
• WTI
declined
for a
record-setting
10th
consecutive
day
•
Oil
prices
have
unraveled
by more
than
$16/b
since
October
• Gas
prices
could
drop
another
10-20
cents
Oil
Prices
Drop
$18. How
Low Will
Gas
Prices
Go?
Crude
oil
prices
declined
for a
record-setting
10th
consecutive
day, on
Friday.
The
daily
settlement
of
$60.19
per
barrel
is the
lowest
since
March.
In the
past
month,
WTI
crude
declined
a total
of $16
per
barrel
on the
NYMEX. A
loss of
that
magnitude
can
ultimately
lead to
a total
discount
of 40
cents at
the
pump. So
far, the
national
average
has
declined
nearly
20 cents
since
the
price of
oil
started
its
slide
last
month.
Domestic
crude
production
reached
a new
all-time
high of
11.6
million
barrels
per day,
according
to the
Energy
Information
Administration.
Additionally,
domestic
oil
supplies
rose for
the 8th
consecutive
week;
increasing
at total
of 10%
during
that
time.
These
shifting
fundamentals
have
helped
create a
bearish
sentiment
in fuel
markets.
Gas
Price
Tools
•
GasPrices.AAA.com
- Daily
national,
state,
and
metro
gas
price
averages
•
AAA
Mobile
app
- Free
app that
compares
gas
prices
near you
•
Gas Cost
Calculator
-
Determine
how much
gasoline
will
cost on
your
next
road
trip
Gas
Price
Survey
Methodology
Every
day up
to
130,000
stations
in the
nation
and more
than
4,200
stations
in
Michigan
are
surveyed
based on
credit
card
swipes
and
direct
feeds in
cooperation
with the
Oil
Price
Information
Service
(OPIS)
and
Wright
Express
for
unmatched
statistical
reliability.
All
average
retail
prices
in this
report
are for
a gallon
of
regular,
unleaded
gasoline.
AAA
updates
fuel
price
averages
daily at
www.GasPrices.AAA.com.
About
AAA -
The Auto
Club
Group
AAA in
Michigan
celebrated
its
100th
Anniversary
- A
Century
of
Service
in 2016
and has
over 1.4
million
members
across
the
state.
It is
part of
The Auto
Club
Group
(ACG).
Connect
with us
on
Facebook
and
LinkedIn.
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