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Economy

Michigan gas price average falls below $3 gallon

Michigan Public | By The Associated Press

Published October 31, 2014 at 11:05 AM EDT

Gas prices from the past at the shuttered Logan's Gas and Deli near Battle Creek.

DEARBORN, Mich. - The average price of gas statewide has dropped below $3 a gallon in Michigan for the first time in nearly four years.

Average gas prices fell 14 cents from last week and are currently about $2.99 per gallon. That's roughly 38 cents less than the same time last year.

Prices dipped below the $3 mark yesterday in metro Detroit, where the average gas price is $2.97.

A gas history report by AAA determined the average price of gas hasn't been below $3 a gallon in Michigan since December 2010. The organization says gas prices typically decline in the fall, when the industry begins offering a cheaper winter-blend and demand decreases.