GRAND RAPIDS, Mich. — Brent crude oil prices dropped about 7% to start this week, but drivers across the U.S. have seen a much smaller benefit at the pump — only about a 2% average decrease in gas prices, according to GasBuddy.
GasBuddy analyst Patrick De Haan said Michigan’s gas prices operate in cycles, and the current dip may be short-lived.
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“The complication is that gas prices in Michigan cycle. Right now, I sense that where prices are is probably in the bottom third of that cycle. So we’re getting close to having to see prices cycle again. Today’s drop in oil will give stations a little bit more room to go a little lower. But if oil abruptly suddenly shifts and goes back up, that slack is going to be pulled out immediately, and stations will probably have to go up,” De Haan said.
De Haan said the drop in oil prices is not surprising, as there have been no new attacks in the past several days. However, how long oil prices stay down — and how much impact that has on local gas prices — depends on a range of factors both overseas and here at home.
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“Even if the U.S. and Iran signed a peace deal, there’s still the possibility of who the attacks. There’s still the possibility that Ukraine strikes Russian oil refineries. There’s still hurricane season, so right now, even if one of the major issues was solved, there’s still a lot of uncertainty with the other remaining issues,” De Haan said.
Over the weekend, another Russian refinery was attacked, again cutting the amount of gas that can be produced and added to the global market. That will eventually have an impact on gas prices in the U.S.
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For West Michigan drivers looking to save at the pump, prices are currently near the bottom of this price cycle. Filling up now, before prices rise again later this week, could mean savings.
Gas prices in West Michigan have dropped about 4 cents in the last week around Grand Rapids, as a pause in overseas conflict in Iran caused oil prices to fall sharply.
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Here is a county-by-county breakdown of average gas prices as of Tuesday morning, according to GasBuddy:
- Kent County: $4.17 per gallon
- Muskegon County: $4.18 per gallon
- Ottawa County: $4.20 per gallon
- Kalamazoo County: $4.27 per gallon
These prices are the most up-to-date averages for the entire county, so prices at individual stations may vary.
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West Michigan is near the bottom of this price cycle, so drivers may want to fill up now before prices rise again later this week.
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