Here's where things stood when I wrote The Syria fear premium continues slowly subsiding.
That's where prices remained until today, when all four stations were selling regular at $3.65. As usual, gas shot up like a rocket but is coming down like a parachute.Today, I saw that all four stations matched each other at $3.59, a six cent drop since last Friday. According to Econobrowser, that matched the national average and was below the average price for both Michigan and Detroit of just over $3.61. What's driving the decline in retail gas prices is the moderating price of Brent Crude of $113.72, three dollars below the peak price of $116.71 at the end of August. That translates to an expected national average of $3.68. Gas is at the national average and below the averages for the state and metro area, as well as below the expected price. I can't complain that gas isn't fairly priced. Here's to hoping the fear premium fades away and prices return to where they were at the start of the last week of August.
Econobrowser shows that's happening at all levels from the nation to the metropolitan area. Since last Friday, when the national average was $3.62, the Michigan average was $3.74, and the Detroit average was $3.69, the prices have slid slowly down to $3.61 for the U.S., $3.66 for Michigan, and $3.65 for Detroit. All of those prices are below the expected national average for the current price of Brent Crude, $3.72 for gas refined from oil costing $115.26. Gas is fairly priced, given the inflated cost of oil from the Syrian fear premium.
Yeah, right. We should be so lucky.
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