DETROIT (FOX 2) - Detroit drivers are finally seeing some relief at the pump.
Gas price averages have fallen 25.4 cents since this time last week, according to GasBuddy.
Drivers are paying an average of $4.33 per gallon of unleaded gas in Detroit. This is 50.9 cents per gallon lower than a month ago, but $1.25 per gallon higher than a year ago.
The lowest price per gallon Sunday in Detroit was $3.79, according to GasBuddy reports, while the highest price was $5.99.
"Average gasoline prices declined in all 50 states over the last week, with GasBuddy now tracking 15 states where the average price of gasoline has fallen below $4 per gallon, offering motorists some of the most widespread relief seen in weeks," said Patrick De Haan, head of petroleum analysis at GasBuddy.
Why gas prices have fallen
"Much of the decline was driven by falling oil prices and the unwinding of recent price cycles, as growing optimism surrounding a potential U.S.-Iran agreement helped ease concerns over global oil supplies. Diesel prices also posted a substantial decline, falling more than 15 cents per gallon nationally. However, the coast is anything but clear," De Haan said. "Oil prices edged higher Sunday evening as uncertainty surrounding a potential deal persisted and renewed Israeli attacks added another layer of geopolitical risk."
Drivers shouldn't get too comfortable with lower fuel prices, as they could be headed up again.
"While motorists may continue to see some short-term relief, some price-cycling states could soon experience another upward swing as retailers run out of room to lower prices further. Overall, any setback in negotiations could quickly reverse the recent decline in fuel prices," De Haan said.
The Source: This information is from a GasBuddy press release.
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