(WXYZ) — Gas prices are continuing to fall across Michigan and metro Detroit, a trend that we've seen for several weeks.
For the first time in nearly two months, we saw gas at a station in Dearborn for under $4 per gallon on Thursday night. Cars lined up at the Citgo gas station to fill up.
That's still substantially less than the $4.68 average in Michigan, which is 17 cents less than what we were paying at the pump this time last week.
Prices are expected to continue to fall if we don't see any major disruptions to refineries across the country.
"There's a possibility that a few stations in metro Detroit could fall under four dollars," Patrick De Haan, the head of petroleum analysis for GasBuddy, said.
Prices have been falling for the last 30 days and according to De Haan, the future trend continues to be downward.
"At least for right now, price decreases could continue for another week or two," he said.
So, why are they finally going down? One reason is that investors are worried that interest rate hikes will slow the economy, so recession fears are playing a factor. Also, oil is trading below $100 per barrel, the firs time since March, but supply remains tight.
Could we see gas prices go above $5 per gallon once again?
"We probably need to see extenuating circumstances to go back above $5," De Haan said. "A supply disruption or a hurricane could provide the catalyst for that to happen but there's a closing window of opportunity for that to be the case."
