UNDATED (WTVB) - Oil Analyst Phil Flynn says just in time for Halloween, the Nightmare is over at the pump. He says a lot of the usual factors were to blame the for higher gas prices... hurricanes, speculators and Middle East tension but in the U.S. there was a separate horror show taking place, like pipelines leaking, the Enbridge oil spill, refinery explosions in California, the list goes on and on. However, Flynn says now that the Winter blends are allowed and demand is lower prices should continue to drop.
And what happened in the last week was probably the biggest peak to valley price drop in almost a quarter of a century. The analysts differ on where they will bottom out but many think around $3.25 a gallon by the end of the year. GasBuddy.com reports that prices have already dipped lower than that at some stations in Southwest and South Central lower Michigan although many in the region are charging around $3.40 a gallon.