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Merry Christmas! Gas prices still falling

Drivers are lining up to take advantage of the lower gas prices. They fell to $1.94 this week. Post photo by L. Allen.

Drivers are lining up to take advantage of the lower gas prices. They fell to $1.94 this week. Post photo by L. Allen.

Gas prices fell another 19 cents in Cedar Springs this week. Last Wednesday, prices were at $2.13 a gallon, the lowest they had been since the spring of 2009. As of Tuesday, December 23, they had dropped to $1.94 per gallon. The average in Grand Rapids is $2.03, and the Michigan average is $2.18. The national average is $2.37.

“As Americans take to the road for Christmas travel, they’ve all been given a gift that keeps on giving: falling gas prices,” said Patrick DeHaan, senior petroleum analyst with GasBuddy. “Americans are saving over $13 million dollars an hour versus gas prices a year ago- adding up to over $315 million every day. Big declines were witnessed in Montana, Michigan, Indiana, Idaho, and Ohio, where average prices fell over 20 cents on average just in the last seven days but everyone has been a winner.”

“Just in the last 24 hours, the national average has declined nearly 7c/gallon, one of the largest single day decreases ever. However, I’m worried the decline may soon begin slowing- oil prices have held in the mid-$50s, and the concrete may be setting in. If it does, and oil prices fail to drop below $50/bbl, gas prices likely won’t drop more than another 10-20 cents per gallon. Either way, a sneak peak at our soon to be released 2015 gas price forecast reveals a yearly national average far lower than what we saw this year,” DeHaan said.

 

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