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Gas prices in MA down 5 cents per gallon

Business The average price for gas in Michigan has fallen about 9 cents from a week ago AAA Michigan reported Business The average price for gas in Michigan has fallen about 9 cents from a week ago AAA Michigan reported
Kelley Robertson | 20 June, 2017, 00:45

Including the change in gas prices in Minnesota during the past week, prices Sunday were 0.7 cents per gallon lower compared to the same day one year ago and are 6.9 cents per gallon lower than a month ago.

"American motorists are the big winners here, as they fill their tanks for a summer road trip", AAA spokesman Mark Jenkins said. "We might see a little bit of a pause here as we approach the Fourth of July holiday, with demand expected to pick up for the holiday".

Daily national, state, and metro gas price averages. Brent crude, used to price worldwide oils, climbed 45 cents, or 1 percent, to $47.37 a barrel in London. That's significantly lower than the average of $2.23 last week and $2.52 a year ago. The lowest price this year was $2.26 in February.

"If refiners continue to produce record amounts of gasoline and oversupply the market, consumers will reap the benefit and see slight fluctuations in gasoline prices.in coming weeks", AAA said. At the same time, US shale oil producers have ramped up production, adding to stockpiles and keeping prices in check.

"The risk is that oil prices could bounce back", he says. According to GasBuddy historical data, gasoline prices on June 19 in Sacramento have ranged widely over the last five years: $2.73/g in 2016, $3.27/g in 2015, $3.99/g in 2014, $3.87/g in 2013 and $3.91/g in 2012.

Several oil-producing nations recently extended until next year a cutback in production implemented last fall to prop up prices worldwide. Minnesota's all-time high average came at the same time with $4.28.

AAA reports that the most expensive gasoline can be found in the City of Chicago, at $2.73 per gallon. Miami followed at $2.33 with Fort Lauderdale right below it with an average of $2.32. About 25 miles to the southeast, Crookston stores were selling gas for $2.13, according to GasBuddy.

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