Michigan gas prices drop another 14 cents as analyst reports 'one of the steepest declines' ever

(FOX 2) - Gas prices in Michigan are dropping at a dramatic rate, following their rise into record-breaking territory earlier this year. It's part of a countrywide trend that one analyst is calling one of the "steepest declines" ever. 

"The national average tied for its second largest single day drop in the last decade yesterday," said Patrick De Haan, who works at Gas Buddy. The national average is now $4.699 a gallon. "Every day Americans are spending $125 million less on gas vs. 25 days ago."

Michigan's average gas prices are a bit higher - about $4.81 a gallon for regular unleaded fuel. It's 14 cents lower than a week ago.

Despite the fall in prices, they still remain well above where they were last year. According to AAA, the cost of gas has dropped 41 cents in the last month - but is still $1.63 higher than it was last year.

Motorists in Michigan are paying about $72 for a 15-gallong tank of gas, which is $21 from when prices were at their highest last November.

"Michigan motorists continue to see falling gas prices across the state," said Adrienne Woodland, spokesperson for AAA. "While demand increased prior to the 4th of July, falling oil prices have helped contribute to lower pump prices."

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Fears about how much further prices might jump for the Fourth of July weekend were quelled when costs began to dip. Ironically, demand increased and supply decreased last week for gas stocks. But AAA notes that falling oil prices have continued to push pump prices down. 

Here are some of the highest and lowest prices for gas in Michigan:

• Most expensive gas price averages: Marquette ($5.00), Ann Arbor ($4.94), Metro Detroit ($4.88)
• Least expensive gas price averages: Benton Harbor ($4.67), Grand Rapids ($4.71), Traverse City ($4.76)