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Gasoline prices fall below $2 a gallon in part of Michigan

Steve Carmody
Michigan Radio

Gas prices in part of Michigan have fallen below two dollars a gallon.

Gasbuddy.com reports motorists in Greenville and Lowell, near Grand Rapids, are paying $1.99 a gallon. 

Gas prices have been falling as world crude oil prices have fallen sharply in recent months.   

Michigan’s average price for a gallon of gasoline stands at $2.43. That’s down from $3.17 a year ago. This past summer, gasoline prices in Michigan peaked around $4 a gallon. The average gasoline price in Michigan hasn’t been this low since 2009.

Crude oil futures prices ended higher on the New York Mercantile Exchange. The near-month contract for the benchmark grade rose 2 cents – closing at $55.93 a barrel. The price for a barrel of crude oil hit its high point in June at $102.53. 

Since June, slowing demand in Europe and Asia and increased production worldwide has led to a glut on the world oil market.   

Steve Carmody has been a reporter for Michigan Public since 2005. Steve previously worked at public radio and television stations in Florida, Oklahoma and Kentucky, and also has extensive experience in commercial broadcasting.
The Associated Press is an independent global news organization dedicated to factual reporting.
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