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Transportation & Infrastructure

Gasoline prices fall below $2 a gallon in part of Michigan

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Steve Carmody
/
Michigan Radio

Gas prices in part of Michigan have fallen below two dollars a gallon.

Gasbuddy.com reports motorists in Greenville and Lowell, near Grand Rapids, are paying $1.99 a gallon. 

Gas prices have been falling as world crude oil prices have fallen sharply in recent months.   

Michigan’s average price for a gallon of gasoline stands at $2.43. That’s down from $3.17 a year ago. This past summer, gasoline prices in Michigan peaked around $4 a gallon. The average gasoline price in Michigan hasn’t been this low since 2009. 

Crude oil futures prices ended higher on the New York Mercantile Exchange. The near-month contract for the benchmark grade rose 2 cents – closing at $55.93 a barrel. The price for a barrel of crude oil hit its high point in June at $102.53. 

Since June, slowing demand in Europe and Asia and increased production worldwide has led to a glut on the world oil market.   

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