Michigan gas prices fall for 3rd consecutive week, hitting sub-$5 a gallon

Michigan gas prices continue to fall from their record-high reported in mid-June, landing at a state average of $4.94 a gallon this week.

The prices are still 8 cents higher than they were last month, but 11 cents less than they were last week in Metro Detroit. Currently, the average cost for gas in Southeast Michigan is $5.04 a gallon.

Gasoline demand has fallen two weeks in a row, the Energy Information Administration announced Tuesday, reporting both a decline of hundreds of thousands of barrels of oil, and a big increase in supply. 

These two factors are leading to decreasing oil prices at the gas pump, something that Michigan residents haven't seen in months.

The most expensive gas is in Ann Arbor at $5.07 a gallon. In Marquette, it's $5.03 a gallon. The cheapest gas in the state can be found in Benton Harbor - at around $4.80.

The decline in gas prices isn't a total surprise. An analyst at Gas Buddy that tracks prices said that costs would begin falling by the Fourth of July holiday. Patrick De Haan said the national average could fall as far as $4.75-$4.85 a gallon.

READ NEXT: Biden calls for 3-month suspension of gas and diesel taxes

Currently, the national average is $4.81. It's unclear how much further relief at the pump will follow.