© 2021 MICHIGAN RADIO
91.7 Ann Arbor/Detroit 104.1 Grand Rapids 91.3 Port Huron 89.7 Lansing 91.1 Flint
Play Live Radio
Next Up:
0:00
0:00
Available On Air Stations

Why current gas prices are the lowest in 5 years

gaspumping_futureatlas.com_flickr.jpg
user futureatlas.com
/
flickr http://michrad.io/1LXrdJM
Gas prices are lower this week.

Oil prices worldwide continue to slide. Gas prices haven't been this low in five years, with Michigan averaging $2.41 a gallon.

Patrick DeHaan from Gasbuddy.com says these low prices are the result of two main factors. Saudi suppliers are trying to preserve market share by keeping their prices down. OPEC members are also reluctant to cut U.S. production.  

DeHaan says price levels around southeast Michigan are often based on stations buying every few days. Those who buy at a higher price simply have to charge more. 

DeHaan says there is potential for prices to continue to decrease and that it's hard to predict where the bottom will be. 

Related Content