Analyst: Michigan Gas Prices To Drop Below $5 This Weekend

(CBS DETROIT) — Although Michigan gas prices have reached $5, Patrick De Haan of GasBuddy says they may soon fall below that.

On Friday, the state’s average gas price is $5.19 a gallon, which is 2 cents less than a week ago.

The national average sits at exactly $5, according to AAA.

“No one should be in a rush to fill their gas tank- prices in most areas of the US will be coming down in the days and weeks ahead (things could shift, so stay tuned), but we could drop back to a national average of $4.75-$4.85/gal by July 4 if nothing changes,” De Haan said in a tweet.

According to AAA, the demand for gasoline slightly declined from 9.2 million barrels to 9.09 million barrels. Officials say the demand for gas helped to limit pump price increases; however “as crude oil prices remain volatile, the price per gallon for gasoline will likely remain elevated.”

© 2022 CBS Broadcasting Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.