When I declared that June's gas price spike is over, I noted how far gas prices had fallen.
On Monday, the corner station was still at $3.85, but the three stations down the street were at $3.79. By Wednesday, the three stations down the block were at $3.69, while the corner station undercut them at $3.67. It was still at that price level Thursday morning, but by the evening, all the stations were at $3.59. Better yet, the corner station was out of regular and was selling premium at the unleaded price. I topped off my tank.As you could probably tell by the comment about topping my wife's tank off, I didn't expect the price to fall any more. Events proved me wrong. Later that day, the price at the corner station fell to $3.55. The day after that, it was at $3.49. By Sunday night, it had inched down to $3.47. That's the lowest price for gas locally since January and a price drop of 82 cents in just a few weeks.
Today, all the local stations are still at $3.59. I pointed this out to my wife. I might must top off her car's gas tank, too, especially if the corner station is still selling premium at the regular price. After all, gas hasn't been this cheap locally since April, when prices began their recent rise.
By the way, I still haven't topped my wife's gas tank. I told her again about the low price again Sunday night, but neither one of us has driven her car since then. One of us should, soon. I don't expect these prices to last.
While I would have been wrong about the price not falling, I made another prediction that did come true.
If this price drop holds, expect another headline in the Free Press next week like this week's Michigan gas prices falling, analysts say.Sure enough, the headline in yesterday's Detroit Free Press read Michigan gas prices fall 30 cents over past week. The statewide average was $3.64, which is seven cents above where it was last year. Here's to hoping the lower prices last long enough for next Monday's report to show another price drop and a price below where it was during June 2012.