AAA Michigan: Statewide Gas Prices Tumble 12 Cents
The average weekly statewide gas price has dropped about 12 cents from last week according to AAA Michigan. The current statewide average is about $1.81 per gallon. AAA says over the past week were the lowest average daily gas prices in over six years.
Of the cities surveyed by AAA for self serve unleaded fuel, the lowest averages can be found in the Saginaw/Bay City/Midland area, where it's about $1.71 per gallon. The highest averages can be found in the Marquette area, where it's about $1.94 per gallon.
AAA says oversupply continues to be a dominant factor to the low prices and the crude oil supply from countries including Russia and Saudi Arabia is expected to sustain the global oil market's current oversupply and keep market fundamentals bearish in the near term.