AAA Michigan: Statewide Average Gas Price Falls Below $1.50 For First Time In 12 Years

DEARBORN (WWJ/AP) - AAA Michigan says the statewide average price for gas has fallen below $1.50 for the first time since 2004.

The Dearborn-based auto club said Tuesday that the average price for self-serve regular unleaded gasoline was about $1.49 per gallon. That's down about 13 cents from last week and about 73 cents from the same point a year ago.

AAA Michigan says the last time the statewide average price was below $1.50 per gallon was Jan. 1, 2004.

According to the most recent AAA report, the decline in gas prices is due in part to these key factors:Domestic gasoline and crude oil supply are at record levels; decreased demand due to less driving in the winter months; slower-than-expected growth in China; and a strengthening U.S. dollar.

The auto club surveys daily fuel prices at 2,800 gas stations across Michigan.

TM and © Copyright 2016 CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2016 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.

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