For the first time in five months, the average tank of regular gas in Michigan costs less than $4.
Prices continue to fall as supply is increasing and demand is decreasing, according to AAA. It expects prices to keep dropping.
“Michigan motorists continue to see lower prices at the pump, with some areas seeing prices below $4 a gallon,” said Adrienne Woodland, AAA spokesperson, in a news release. “If gas demand remains low and (supply) continues to rise alongside falling crude prices, drivers will likely continue to see pump prices decrease.”
The average gallon of gas in Michigan is $3.97, as of Wednesday, Aug. 10. A month ago, the average was $4.80, and one year ago the average was $3.28, per AAA.
There are still many parts of Michigan where gas remains above $4, however. Here’s an interactive map of the average price by county. (The map regularly updates, so it might show different numbers than what’s written in the story.)
(Can’t see the map? Click here.)
The average is still $4 or higher in 47 of Michigan’s 83 counties.
There are seven counties where the average gallon is $4.30 or higher: Keweenaw, Luce, Livingston, Schoolcraft, Grand Traverse, Leelanau and Marquette counties.
On the other end, five counties are averaging less than $3.80 per gallon: Gratiot, Otsego, Montmorency, Alpena and Crawford counties.
Michigan has the 26th-highest gas prices in the U.S. right now. California is highest at $5.42 per gallon, Texas is lowest at $3.53 per gallon.
Here’s the average regular gas price in each state. (The map regularly updates, so it might show different numbers than what’s written in the story.)
(Can’t see the map? Click here.)
Nationally, gas prices have been on the decline since early June. The peak for regular conventional gas was $4.84 per gallon during the week of June 13, per the U.S. Energy Information Administration. Prices are declining more than 3% per week for the past month.
Here’s a look at the average gas price by week, for the U.S.
(Can’t see the chart? Click here.)
There was no inflation in July, according to data released Wednesday by the Bureau of Labor Statistics. Three of the past four months have had prices rise by 1% of more, for the month.
Economists credit declining gas prices for the inflation freeze in July.
RELATED: Prices stayed flat in July, but annual inflation remains high at 8.5%
Here’s a look at the relationship between gas prices and inflation from the past year.
(Can’t see the chart? Click here.)
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