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Gas Prices Trickling Down

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KALAMAZOO (WKZO) -- They went up fast, now gas prices are inching down in Michigan, and could pick up more momentum downward in the next month.

It used to be that it was simply supply and demand, but gas and oil speculators now have more of an influence over the price of crude, and every time a terrorist waves his fist, the economy improves or a hurricane threatens, the price of crude increases. 

"After such a rally like we've seen, typically, prices will fall again. So, I'm hoping after the recent run-up to about $84 a barrel, prices will begin to gently fall," GasBuddy.com's Patrick DeHaan said. 

"If we're looking solely at supply and demand and using that to set prices, I think oil would be priced more around $65 a barrel," DeHaan said.

Triple-A Michigan's weekly gas report shows a gallon of regular unleaded is down 3.3-cents over the past two weeks to an average of $2.88.

The average is 28.4-cents per gallon higher than one year ago.

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