COLDWATER, MI (WTVB) – Michigan has become the 6th state in the U.S. to watch gas prices sink below $2.00 a gallon on average. In the Coldwater area, most stations today are at around $1.90 a gallon.
Analyst Tom Kloza says prices won’t stay this low all year, but they won’t climb as high as they did last year. The last time such a price plunge happened was 2009 at the height of the Great Recession because demand had sunk to a modern low. This time it’s mostly supply that has forced the average price of a gallon below $2.00 in Michigan.
AAA Michigan says the current statewide average is $1.97 a gallon for self-serve regular, down 13 cents from last week and $1.40 from this time last year. AAA estimates that Americans saved $14 billion since gas prices started to tumble, and could save even more in 2015.
