GRAND RAPIDS, Mich. (WOOD) — After reaching historic highs for the third straight week, gas prices are falling.
“Finally, we’re seeing some relief,” GasBuddy petroleum analyst Patrick De Haan said Wednesday. “Average gas prices have basically been decreasing now for a month straight across Grand Rapids. The average price that had hit $5.19 a gallon is now down to an average of $4.85.”
De Haan said this is not the time to rush out and fill up your tanks. He expects the trend of falling prices to continue for at least another week or two — maybe even the rest of the month.
“If you fill up today, you’re going to find a lower price tomorrow and the next day and the next day,” he said.
Over the course of a year, the savings for drivers can add up.
“(Compared to) a week ago, the average fill-up on a pickup truck is $3 less. On a minivan, it’s $2 less. On a passenger vehicle, it might be a $1.50,” De Haan said. “Compared to the peak price we saw in early June, collectively, Americans are spending $100 million less per day on gasoline than just three weeks ago.”
De Haan said we could see prices fall another 25 to 50 cents, pointing to low price leaders like a station in Sparta. News 8 found gas for $4.55 there this week.
De Haan said concerns about an economic slowdown are helping the prices fall. He also says there have been some modest improvements in gasoline supply, which had been a concern when prices were soaring.
“It’s for many, I think, it’s not enough, but it’s something,” he said. “Something is better than nothing.”