CHICAGO, Ill. –Monday, GasBuddy.com reported that gas prices in Michigan were down another 15 cents over the previous week. Tuesday, we hear gas prices could drop below $1 gallon!
The petroleum pricing experts say that wholesale gas prices are plunging in the Midwest, as global oil prices drop, but also refineries in the Midwest are getting rid of their supply of the winter-spec gasoline. Refiners shift to cleaning burning gasoline for summer months.
According to GasBuddy.com, nine states, including Michigan, are seeing their lowest average gas prices since early 2004.
- Oklahoma – $1.37
- Indiana – $1.46
- Kansas – $1.46
- Ohio – $1.48
- Michigan – $1.49
- Minnesota – $1.52
- Wisconsin – $1.54
- Illinois – $1.57
- North Dakota – $1.63
“As gasoline supply continues to bulge, prices continue to shrink,” says Patrick DeHaan, senior petroleum analyst for GasBuddy, in a news release. “Wholesale gasoline prices in the Midwest have lost more than half of their value since the beginning of the year and prices at the pump haven’t fully reflected that yet. Incredible as it sounds, we wouldn’t be shocked to see a few stations in these states as low as 99 cents a gallon.”
