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Will gas prices drop soon?

Relief at the pump may be in sight for Michigan drivers.

According to Patrick DeHaan, senior petroleum analyst at GasBuddy.com, it appears the surge in gasoline prices across the Great Lakes states is soon to be over. He said that for the last four consecutive trading sessions, spot gasoline prices (which influence retail) have dropped a healthy amount. The sudden change comes as ExxonMobil reports its Joliet, Illinois refinery back online, and with it, an expected increase in gasoline production.

He noted that the best news was from the Energy Information Administration Wednesday, highlighting a healthy increase in the amount of gasoline supply in the region, likely as motorists curb their consumption of record high priced gasoline.

“The last seven days have seen some shocks at the pump for motorists in the nation’s Great Lakes region,” DeHaan. “But perhaps the best news is that the worst is now over and we expect some well needed relief in the days ahead for areas of the Great Lakes, especially Michigan, Illinois, Wisconsin, Indiana, and Ohio, where prices could fall 15-30 cents/gallon in the next week.”

 

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