Michigan gas prices are on a steady and dramatic decline after months of record breaking highs. In fact, drivers in Brooklyn are pumping gas for just $2.10. Lets take look at the recent trend. A year ago, the average price of gas was $2.90 a gallon. Since then, prices steadily rose, peaking at $4.21 this past July. We started seen a change in mid-September. Prices fell and have continually fallen. The statewide average is just $2.35. Michigan drivers haven't pumped gas for this low in over 20 months. After a record breaking summer with gas prices over four dollar a gallon, now we are seeing an historic decline and drivers are happy to finally be getting a break.
Eugene Osborn, driver: "It's about time."
Joan Allen, driver: "We thought it was going to stay high."
The cost to fill up is inching closer and closer to the two dollar mark, a price drivers haven't paid in more than two years.
Eugene Osborn: "I never thought it would get this low, it surprised me because they kept jacking it up and down like a yo-yo."
But the yo-yo ride may not be over. One oil expert is warning drivers not forget the past.
John Griffin, Associated Petroleum Industries of MI: "The financial situation has caused many to think we are in a worldwide slowdown, and that's caused crude oil to go down, and because of that, gas prices are going down too. Just because they've gone down, doesn't mean they won't go back up in the future."
John Griffin of the the Michigan Petroleum Institute says there are two main factors that could determine which direction gas prices will take in the future. One of those factors is the demand for gas. If more people flock to the pump to fill up their tanks, prices could go up. Another factor is the price of crude oil. If the price per barrel continues to fall, so could the cost of filling up your tank. Since neither of these factors can be predicted, drivers we talked to say they'll remain cautious before hitting the road.
John Dale, driver: "I'm going to stay the same. I mean, we are managing the way we are, hopefully things will start working better and the economy will pick back up."
But until that happens, the best thing drivers can do is conserve the fuel they have now and pay close attention to the price of crude in the future.
