Gas price slide won't last long
Jul 21, 2015 at 2:48 PM
But the question remains — how low can we go?
We're already nearly 30 cents less per gallon than the national average, which stood at $3.60 late Monday.
And fuel is selling locally for 40 cents a gallon lower than it was at this time last year.
“Holy moley,” said Gas Buddy.com Petroleum Analyst Patrick DeHaan as he looked up historical pricing Monday afternoon. “Prices haven't been this low since Feb. 25. We're talking about pretty low prices.”
DeHaan predicts local gas prices could slide a little more before pumping up again. He predicts a price reset could trigger as soon as Wednesday or Thursday — or, more likely, early next week.
Fruitport resident Eustace Collins took advantage of Monday's prices by filling up his truck and getting fuel for his mower at the Admiral station in Spring Lake Township, where regular unleaded gasoline was $3.32 per gallon. He said he always gets his gas in Spring Lake because prices are typically lower there.
“It's about time they came down,” Collins said. “Just now, it's getting down to where it should be. It's a lot better than $3.85 or $3.95.”
Collins said the constant fluctuations are maddening. He said when he lived in Tennessee, prices were much more stable.
“They didn't go up and down like this,” Collins said.
But, for now, the “down” makes consumers particularly upbeat. All the price stars are aligning — fuel inventory, calm weather, a threat in Iraq that never really materialized and no major refinery breakdowns, DeHaan said.
“There's lack of new news that would drive prices up,” said DeHaan from his Chicago-based office. “Refineries are chugging along with minimal issues, oil production is at very high levels in the U.S., lack of hurricanes, lack of a situation in Iraq.”
DeHaan said the hike late last month from $3.50 to $3.95 locally was not well-supported.
“Prices were over-inflated,” he said.
Read the complete story in today’s print or e-edition of the Grand Haven Tribune.