Gas prices have begun dropping statewide – and here in Washtenaw County – for the third week in a row.
After weeks of prices over $5 a gallon, AAA is reporting a state average of $4.94 for a gallon for unleaded regular. It’s a similar average in Washtenaw County.
U-M Economic ForecasterDaniil Manaenkov says what you are seeing is the market starting to right itself as oil prices drop from $120 a barrel to $100.
“I honestly expect them to drop more based on the recent data on oil prices.”
Manaenkov says while the barrel of oil dropped 20%, prices at the pump have not declined at the same amount. So, doing the math, he says gas prices would have to drop to $4 a gallon to match 20% drop in oil.
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