The prediction I made in Gas drops in advance of July 4th came true.
The decline is also happening nationally and regionally. The national average peaked at $3.69 a week ago and has glided down to $3.68 today. The Detroit average peaked even earlier and has fallen farther. It almost reached $3.96 a little over two weeks ago, making the local stations almost underpriced, then has floated down a dime to $3.86. If this trend continues through the holiday weekend, the stations down the street could even drop their price down to $3.75 next week.I didn't even have to wait until this week for the three stations down the street to drop their price down to $3.75; they hit it on July 4th. By Monday, the corner station matched them. That's where all four neighborhood outlets were yesterday.
Normally, I'd post Professor Farnsworth, but prices are still above where they were a year ago Saturday, when the corner station was selling gas at $3.48, and even a year ago tomorrow, when it raised its price to $3.69. However, it's getting close. GasBuddy suggests that prices will continue to fall. The national average is down to $3.64 from $3.67 at the time of last week's report and Detroit's average has fallen even more steeply from $3.86 to $3.79. A local price drop to $3.69 by the end of this week or the start of next week is not out of the question.
Local prices may not even have to fall for prices to be lower year-over-year by the end of the week, as gas was selling for $3.79 a year ago next Saturday because of unrest in Egypt. So far, ISIS has not been able to revive the fear premium. Speaking of the Sith Jihad, I'll have more to say about them later.