Why Detroit Area Gas Prices Are Falling

By Peter Neumann

Why Detroit Area Gas Prices Are Falling

March 4, 2013 Updated Mar 4, 2013 at 3:28 PM EDT

DETROIT, Mi. (My TV20 News at 10) --- Average retail gasoline prices in Detroit have fallen 11.8 cents per gallon in the past week, averaging $3.73/g Sunday, according to GasBuddy's daily survey of 1,734 gas outlets in Detroit.

This compares with the national average that has fallen 2.8 cents per gallon in the last week to $3.70/g, according to gasoline price website GasBuddy.com.

Including the change in gas prices in Detroit during the past week, prices yesterday were 13.3 cents per gallon lower than the same day one year ago and are 9.2 cents per gallon higher than a month ago. The national average has increased 21.6 cents per gallon during the last month and stands 0.7 cents per gallon lower than this day one year ago.

"Gasoline prices have continued to remain relatively stable in the last week, falling a few cents per gallon, providing well needed relief to motorists," said GasBuddy.com Senior Petroleum Analyst Patrick DeHaan. "Perhaps more noteworthy, however, is the fact that current average gasoline prices have now fallen under their year ago levels. And perhaps the best news is that the national average will likely continue to decline in most areas east of the Rockies in the week ahead as wholesale gasoline prices have given up ground," DeHaan said.

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