There’s less pain at the pump now that gas prices are falling well below $4 a gallon – but will it stay that way?
CNBC reports that as of late, the national average for a gallon of gas fellow below $4 recently for the first time since March.
The dip in prices comes on the heels of falling oil costs, according to the article.
“The streak of daily declines in the retail price of gasoline is about to end,” said Andy Lipow, president of Lipow Oil Associates, in the article.
The question is if the continual dropping in gas prices will stay?
Experts say in the article that the pain-free pumping experience will be only for a short time.
“The streak of daily declines in the retail price of gasoline is about to end as crude oil and refined product futures have rallied off their recent lows,” said Andy Lipow, president of Lipow Oil Associates in the article.
WXYZ reported that AAA reports gas prices around Michigan dropped 20 cents in comparison to just a week ago.
“Michigan motorists continue to see lower prices at the pump, with some areas seeing prices below $4 a gallon,” said Adrienne Woodland, spokesperson, AAA-The Auto Club Group in the article. “If gas demand remains low and stocks continue to rise alongside falling crude prices, drivers will likely continue to see pump prices decrease.”
Due to the Russian war against Ukraine, gas prices are rising to all-time highs across Michigan, FOX 2 Detroit reported.
Michigan drivers have seen pain at the pumps when getting gas with prices over $4 a gallon this week due to the Russian invasion to the Ukraine, which was the reason behind the spike in prices across the state and nation. According to the report, a gallon of gas is hovering around $4 and increased to 42 cents since last week, according to the article.
“Rising crude oil prices sent Michigan pump prices soaring to the highest prices since June of 2013,” said Adrienne Woodland, spokesperson, AAA-The Auto Club Group said in the article. “Pump prices will likely continue to rise as crude prices continue to climb.”
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