No Conspiracy Behind Cheap Gas Prices, Just Good Old Supply and Demand

According to AAA Michigan, the average price for regular gas in this state on July 16 was $2.37 per gallon. That’s 41 cents per gallon less than the price of a year ago ($2.78).

In some places in Michigan last week, unleaded gas was under $2 a gallon. On May 4, 2011, the price reached a state record of $4.26 per gallon. The last time a gallon of gas cost $3 or more in Michigan was in November 2014.

Experts say that increased production of oil in the U.S. plays a big part in lowering prices in the worldwide oil market, which in turn means cheaper gas prices here and elsewhere.