Motorists across the nation, and here in Michigan, are happy with the prices they are seeing at the gas pump, and those prices are set to go lower still. According to AAA Michigan, the Statewide average daily gas price dropped another 13 cents from last week, reaching a new low average of $1.60 per gallon. Based on these new figures, Michigan ranks 5th in the nation for the lowest statewide average daily gas price. It doesn’t look like prices at the pump will be going up any time soon. AAA says the price of crude oil remains low and has dropped more than 70% compared to the June 2014 high. Barring any major disruption in supply, gas prices are expected to remain relatively low throughout the year. Many expect the oil market to begin to re balance in 2016, but a number of questions still remain. What effect will Iranian oil returning to the global market have? And if any changes in global oil demand will be significant enough to help offset some of the over supply.
