Michigan has hit a new 2020 low, with gas prices dropping an average of 20 cents across the state.
Drivers are now paying an average of $2.04 per gallon for regular unleaded. That’s 38 cents less than this time last month and 57 cents less than this time last year.
New data from the Energy Information Administration shows that total domestic stocks decreased, while demand increased. Shrinking gas stocks amid rising demand would typically put upward pressure on gasoline prices; however, cheap crude prices have helped to push gas prices lower.
"If crude prices remain low, motorists will likely see continued relief at the pump during the run-up to spring as the world grapples with how to contain the global public health threat and financial risks associated with COVID-19," said Adrienne Woodland, spokesperson, AAA - The Auto Club Group.
Metro Detroit’s current average is $2.08 per gallon, about 22 cents less than last week’s average and about 51 cents less than this same time last year.