Pain at the pump?
Probably.
But this week is considerably less than last, says GasBuddy.
According to the gas price surveyor, West Michigan saw a 16¢/gallon dip in prices compared to Memorial Day.
Monday's breakdown:
Grand Rapids - $3.53/gal
Kalamazoo - $3.50/gal
Lansing - $3.52/ gal
South Haven: $3.44/gal
Muskegon: $3.49/gal
Holland: $3.56/gal
Grand Rapids ranged between $3.19/gal and $3.79/gal Sunday— a 60¢ difference— whereas the state saw a range of $1.45/gal depending on where you were.
Fuel prices dropped 7¢ in Detroit, as well.
And the trend is expected to stick around, even as OPEC agrees to extend production cuts into 2025.
"With GasBuddy data showing gasoline demand plummeting after Memorial Day, and refiners inputting the largest amount of oil into their facilities in years, it's very likely we'll continue to see gas prices fall as we approach July 4," said Patrick De Haan, head of petroleum analysis at GasBuddy. Average prices in the area this time of year are trending down compared to the last 2 years, after fluctuating widely in the years surrounding the pandemic:
June 3, 2019: $2.88/g (U.S. Average: $2.80/g) June 3, 2020: $1.97/g (U.S. Average: $1.99/g) June 3, 2021: $2.95/g (U.S. Average: $3.04/g) June 3, 2022: $4.98/g (U.S. Average: $4.81/g) June 3, 2023: $3.55/g (U.S. Average: $3.52/g)
Diesel prices are also dropping, hitting the lowest they've been in nearly a year. According to De Haan, the next big hurdle for continued price-drops will be hurricane season.
