Metro Detroit seeing significant drop in gas prices, will trend continue?

Oil expert believes prices will continue to fall

DETROIT – Metro Detroit has seen a significant drop in gas prices over the last few weeks and many want to know if the prices will continue to drop. Here’s what the experts are saying.

The state average on Monday was around $3.24, $0.85 less than it was around this time last month.

In Metro Detroit you can expect to pay even less with an average of $3.09, according to AAA. That’s down nearly 20 cents from last week.

“Christmas most definitely came early,” says driver Zeus Moore. He remembers when gas prices were around $5.00 a gallon over the summer.

“$120 just to fill it up,” says Moore. “Now, $60, $70 bucks depending on what gas station I go to, especially when I’m out in Inkster it’s like $2.39 or $2.29.”

In Pontiac, drivers are finding gas as low as $2.99, keeping more money in their pockets.

One driver says, “It’s nice to see things go down, saving extra money, especially around Christmas time is definitely a great thing.”

The state average is still $0.04 more than this time last year so the hope is those prices continue to drop.

Tom Kloza, Global Head of Energy Analysis at Oil Price Information Service (OPIS) says, “The short answer is yes, we’re gonna see gas prices continue to drop probably into January. January of every year tends to bring the lowest demand for gasoline. Tomorrow’s price will be the first time we’re under $3.25 nationally since Oct. 7, 2021. So there’s some pretty good news on the horizon.”

Kloza predicts gas prices won’t go back up until spring.

For more information on Michigan gas prices visit AAA’s website by clicking here.

About the Author:

Megan Woods is thrilled to be back home and reporting at Local 4. She joined the team in September 2021. Before returning to Michigan, Megan reported at stations across the country including Northern Michigan, Southwest Louisiana and a sister station in Southwest Virginia.