Gas prices trend down for fifth consecutive week, increase in production cited

Posted July 04, 2017

Gasbuddy, a cheap gas tracker used by over 65 million people, says they've been tracking gas prices for 17 years and they haven't seen prices this low for the Independence Day holiday in well over a decade.

Gas prices in MI continue to buck the historical summertime upward trend, falling 6-cents a gallon this week to a statewide average of $2.29.

The cheapest gas on average is in South Carolina, Oklahoma and Indiana. Palm Beach County's $2.27 average price on Monday was also 3 cents less than a week earlier. Today, consumers can find gas for $2.00 or less at one out of every four gas stations in the country.

Now one thing to note is even though gas prices are at a record low, the price variance between different cities and states will be at a record high.

The monthlong gas-price free fall is a result of skidding crude oil prices in global markets over the past month, spurred by increased drilling production in the United States.

(-18 cents), Texas (-18 cents), Maryland (-16 cents), Iowa (-16 cents) and California (-16 cents). This would lead to an overall increase of roughly 8.9 percent over last year - which is mostly being attributed to the lowered cost in fuel and a slight uptick in employment and income over the last year. The complete AAA/IHS Markit 2017 Independence Day holiday travel forecast is available here. In fact, in light of the record-breaking Memorial Day weekend demand for gasoline, demand is likely to surge to new highs in the next EIA report as AAA is forecasting drivers are expected to hit the road in record numbers for the holiday.