June's gas price spike is over

In Monday's installment about riding the gas price rollercoaster, I described how prices were going down like a parachute.

On Friday afternoon, I saw that the three stations were at $3.89.  Sunday, I was surprised to see that regular was selling for $3.85 at the corner station.

Prices contined to fall.  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.

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.  If this price drop holds, expect another headline in the Free Press next week like this week's Michigan gas prices falling, analysts say.

The average price at the pump in Michigan was back down to $3.95 a gallon on Monday, falling about 27 cents in a week — and prices may fall further, analysts said.

The average price nationally is $3.61 a gallon, according to AAA’s Daily Fuel Gauge Report.

“Hopefully, you’ll see the price in Michigan keep coming down as refineries produce more product and gas becomes more available,” said Phil Flynn, chief energy analyst with the Price Futures Group in Chicago. “Of course, you still have to worry about hurricane season.”
...
Gregg Laskoski, a senior petroleum analyst at GasBuddy.com in Tampa, predicted Michigan gas prices could come down another 20-30 cents over the next two weeks.

That 20-30 cent price drop happened in less than one week, returning local gas prices to the national average and at least close to where they should be given the price of oil.  At long last, it's time to break out Professor Farnsworth, something I haven't done since January.