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GasBuddy: Oil prices are sliding, increased supply amid global economy concerns

Oil prices are sliding due to an increased supply, even as global economy concerns grow.

Grand Rapids gas prices have fallen 3.8 cents per gallon in the past week, averaging $2.62/g today, according to GasBuddy's daily survey of 246 stations. Gas prices in Grand Rapids are 10.6 cents per gallon lower than a month ago, yet stand 5.5 cents per gallon lower than a year ago.

According to GasBuddy price reports, the cheapest station in Grand Rapids is priced at $2.31/g today while the most expensive is $2.74/g, a difference of 43.0 cents per gallon. The lowest price in the state today is $2.29/g while the highest is $3.09/g, a difference of 80.0 cents per gallon. The cheapest price in the entire country today stands at $1.81/g while the most expensive is $5.52/g, a difference of $3.71/g.

The national average price of gasoline has fallen 0.7 cents per gallon in the last week, averaging $2.63/g today. The national average is down 2.7 cents per gallon from a month ago, yet stands 19.8 cents per gallon lower than a year ago.

Neighboring areas and their current gas prices:

  • Kalamazoo- $2.54/g, down 5.7 cents per gallon from last week's $2.60/g.
  • Lansing- $2.60/g, down 4.1 cents per gallon from last week's $2.64/g.
  • South Bend- $2.56/g, down 1.2 cents per gallon from last week's $2.57/g.

"While the national average was overall little changed in the last week, few states saw such mundane moves with average price changes all over the map," said Patrick DeHaan, head of petroleum analysis for GasBuddy. "The Pacific Northwest saw prices rising as refinery maintenance and overall supply tightness in the area pushed prices notably higher in Oregon and Washington while California saw additional relief after myriad refinery issues pushed them up weeks ago. Gas prices also cycled higher in Florida and throughout the Great Lakes while inching lower in the South and East. While we await any evidence of a trade deal signed between China and the U.S. we remain in a period of overall volatility at a time of year we're accustomed to seeing prices fall. Expect this roller coaster to continue -- I can't remember an autumn where we saw so many factors that could impact prices so quickly and in such different directions." 

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