No Conspiracy Behind Cheap Gas Prices, Just Good Old Supply and Demand

Thank the frackers when filling up

According to AAA Michigan, the average price for regular gas in this state on July 16 was $2.37 per gallon. That’s 41 cents per gallon less than the price of a year ago ($2.78).

In some places in Michigan last week, unleaded gas was under $2 a gallon. On May 4, 2011, the price reached a state record of $4.26 per gallon. The last time a gallon of gas cost $3 or more in Michigan was in November 2014.

Experts say that increased production of oil in the U.S. plays a big part in lowering prices in the worldwide oil market, which in turn means cheaper gas prices here and elsewhere.