Michigan gas prices fall another 19 cents - here's when they could dip below $4

DEARBORN, Mich. (FOX 2) - Another steep drop in gas prices was recorded last week as Michigan petrol costs fell 19 cents.

It's a 65 cent drop from last month as prices hit $4.44 per gallon for regular unleaded fuel. Keeping things in perspective, the cost for a gallon of gas is still much higher than it was this time last year - about $1.16 more.

Drivers are still paying $66 to fill up a 15-gallon tank of gasoline, which is $15 more than the highest price point reported in 2021.

The state's gas prices stretch almost 50 cents, varying from $4.80 in Marquette to $4.34 in Benton Harbor. Metro Detroit's gas prices are averaging about $4.42 a gallon.

Gasoline demand around the country is mimicking closer to the rates reported in July 2020 in the middle of the COVID-19 pandemic, which is far below what was going on last summer. The low demand, according to the Energy Information Administration, is likely behind why the availability of gas stocks on the market rose so much. 

"Michigan motorists have seen gas prices decrease 65 cents within the past month," said Adrienne Woodland, spokesperson, AAA-The Auto Club Group. "If gas demand remains low as stocks increase, alongside a continuing reduction in crude prices, drivers will likely see pump prices decline."

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An analyst who tracks gas prices closely mentioned on Twitter the country was nearing $4 a gallon and that we could hit the mark by August 14. "We're at $4.336/gal, and about 2 days ahead of schedule to fall under $4/gal nationally."

Michigan remains a state with slightly-higher gas prices than the national average. 

However, Gas Buddy's assessment means that by mid-August, Michigan drives could be looking at sub-$4 gas prices.