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Why current gas prices are the lowest in 5 years

Dec 16, 2014

Credit user futureatlas.com / flickr http://michrad.io/1LXrdJM

Oil prices worldwide continue to slide. Gas prices haven't been this low in five years, with Michigan averaging $2.41 a gallon.

Patrick DeHaan from Gasbuddy.com says these low prices are the result of two main factors. Saudi suppliers are trying to preserve market share by keeping their prices down. OPEC members are also reluctant to cut U.S. production.  

DeHaan says price levels around southeast Michigan are often based on stations buying every few days. Those who buy at a higher price simply have to charge more. 

DeHaan says there is potential for prices to continue to decrease and that it's hard to predict where the bottom will be.