As you can see, gas prices in Michigan have been above the national average for most of the past six months. Detroit prices have only dipped below those of the nation as a whole briefly during mid-May, late June, and early August before their current drop. Grand Rapids has had it even worse, only once falling below the national average once during that same period, also in late June.
Both cities are currently farther below the national average than they have been the entire past six months. Their prices are also at their lowest levels since mid-February, when prices began shooting up as a result of Arab Spring. It's about time the state got some relief, which might help with reducing unemployment.
One of the odd things about the graph is that gas prices aren't dropping as quickly as oil prices. In fact, examination of the chart expanded out to a full year shows that the last time oil prices were this low, unleaded regular was below $3.00/gallon. Right now, one gallon averages between $3.30 and $3.40. Bill McBride of Calculated Risk has an answer for that.
This graph show[s] oil prices for WTI [West Texas Intermediate]; gasoline prices in most of the U.S. are impacted more by Brent prices.We're looking at wrong crude oil index!