According to the Grand Rapids weekly price update, as of Monday, August 8, the average retail gasoline prices in Grand Rapids had risen 3.9 cents per gallon in the past week, averaging $3.76, while the national average had dropped by about the same amount, 3.7, cents to $3.66.
Patrick DeHaan, Senior Petroleum Analyst at GasBuddy.com, predicted Monday that prices would drop this week. “We’re watching an incredible decline in the price of crude oil and gasoline futures that will most certainly have an impact in the upcoming week at the pump. While motorists won’t see large drops all at once, I most certainly expect declines in the days ahead,” he said. “Oil prices have shed nearly $15 per barrel in just a week—a dramatic decline brought on by various concerns, but mainly a weak manufacturing report and concern surrounding a possible downgrade of U.S. credit ratings,” DeHaan added.
While some Grand Rapids gas stations have lowered prices, many are still in the $3.76 range, while gas prices in Cedar Springs and Sparta were down to $3.53 and $3.54 per gallon, a couple of cents cheaper than earlier in the week.