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