LANSING, Mich. (Michigan News Source) – A recent drop in gas prices still means Michiganders are paying well over $3 per gallon to fill up. However, prices may continue to drop slightly as in the lead up to Labor Day weekend with relief on the horizon for fall.
Patrick De Haan, head of petroleum analysis at GasBuddy, said there are a couple of reasons for this potential dip in prices.
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“The year-on-year gap has grown substantially thanks to few refinery outages or heatwaves impacting refineries this month. Hurricane season has also been quiet so far. With no threats to major gasoline and diesel producing refineries, it’s looking more and more likely that we may avoid a late summer price spike.”
De Haan continued, “As we get closer to Thanksgiving, we should see tens of thousands of stations ultimately fall back below [the $3 level], all thanks to falling seasonal demand and cheaper winter gasoline, which is right around the corner.” He recommends shopping around for cheaper prices before starting a road trip.
As of mid-August, Michigan ranked 12th in the nation for most expensive gas prices. Michigan’s current price is $3.39, according to AAA.
Gas stations in most states will start transitioning to winter blend gas on September 16, which will likely help accelerate the decline in gas prices.
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