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7/8/22 - Gas Prices Fall Dramatically

Friday, July 8, 2022 at 4:31 PM

Gas prices take their largest one day drop since 2008. Image courtesy of Unsplash. 7/8/22.

Gas prices took a dramatic turn within the last 24 hours.

Gasoline prices have seen their biggest one day decline in price since 2008.  The national average stands at 4.72 with 13 states reporting prices less than 4.50 a gallon.  That includes Michigan.  Gasbuddy.com reports multiple gas stations in the West Michigan area are below $4.50 for a gallon of self-serve regular.  Many of those stations are north of Grand Rapids, while several are near the lakeshore.

Nationwide gas prices have also seen a drop.  Many point to several factors that may have led to the decline.  First, while travel was strong over the 4th of July Holiday, demand was less than expected.  A number of states have enacted gas-tax holidays.  That includes California which still has the highest prices in the nation.  And there has been a sell-off in crude oil futures, which have been impacted by the Russian invasion of Ukraine.

Only California has prices still over 6 dollars a gallon.

 

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