Gas price may fall to $3 a gallon in Michigan

Published On: Jun 22 2012 07:26:17 PM EDT
Updated On: Jun 23 2012 03:45:58 PM EDT

The barrel price for gasoline is falling and drivers are hoping that means prices at the pump will drop as well.

DETROIT -

The barrel price for gasoline is falling and drivers are hoping that means prices at the pump will drop as well.

“It’s absolutely ridiculous, it’s sad,” said Danielle Beyerlein. “Unfortunately, we almost can’t even drive anymore with the price of gas."

Ed Langewicz agreed.

“It should be lower if the barrel price is lower," he said. "I don’t understand why it hasn’t gone down with the price of a barrel.”

Reviews of the last five years also suggest that prices could be lower.

According to AAA of Michigan, the average gas price today is $3.64, which is four cents more than this time last year.

In 2010, gasoline was $2.81. The year before that it was six cents cheaper. And in 2008, according to AAA, the price of a gallon was more than $4.

Special section: Gas prices

Oil Analyst Kevin Lindemer said today’s barrel price started out at $78. The last time prices were that low a gallon of gasoline was $3.38, which raises the question: Why aren’t prices lower now?

“The Detroit area has a relatively unique blend of gasoline that tends to be a bit pricey,” said Lindemer.

Lindemer said local prices also are affected by lower gas supplies across the Midwest, but he says relief may be on the way.

“I think you’ll start to see the price coming down fairly quickly and I wouldn’t be surprised if we see another 20 to 30 cents a gallon drop by Labor Day."


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