Expert: Gas will stay below $3/gal until late winter

The price of gas at the Lowell Meijer on Dec. 14, 2014.


LOWELL, Mich. (WOOD) — Prices continue to drop at the pump, with the cost of gas as low as $2.14 per gallon in West Michigan on Sunday.

According to GasBuddy.com, the lowest prices were in Lowell, where regular unleaded was $2.14 per gallon at one station and only a couple of cents more at another. GasBuddy said prices there were unlikely to decline any further.

In Grand Rapids, gas was around $2.30 per gallon on Sunday, and prices were expected to go down. Gas prices haven’t been this low since 2010.

>>Inside woodtv.com: Gas prices

Michigan’s current statewide average is about $2.48 per gallon, about 19 cents less than last week’s average and about 68 cents less than this same time last year.

The low prices are expected to stick around until after the holiday travel season.

“We don’t see another significant increase until late winter, early spring,” Patrick DeHaan, the senior petroleum analyst at GasBuddy.com, told 24 Hour News 8 in a Sunday phone interview. “I believe for the next two to three months, prices will remain under $3 a gallon.”

Prices have been dropping because global supply is increasing and demand is decreasing.

“The gas prices are great. You can afford to go places. You can afford to buy more things,” said driver Kelli Hults as she filled up at the Meijer gas station in Lowell, where gas was $2.16 per gallon.

Hults, a mother of two, said that she appreciates any savings around the holidays.

“Instead of spending $70 to fill your tank, you’re spending $55,” she said.

Gas prices are expected to start rising again after April, which is when they typically increase going into summer. But the lower starting point may mean lower prices for longer.

WOOD TV8 provides commenting to allow for constructive discussion on the stories we cover. In order to comment here, you acknowledge you have read and agreed to our Terms of Service. Commenters who violate these terms, including use of vulgar language or racial slurs, will be banned. Please be respectful of the opinions of others. If you see an inappropriate comment, please flag it for our moderators to review.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s