The average price of unleaded gas in Michigan is down to $3.016 as of today, August 14. This morning I saw prices as low as $2.88 in Portage, Michigan. One year ago we were paying $2.524 per gallon. Does it seem odd to anyone that after gas spiked last week up to $3.19 on the report of the oil leak in the Alaskan pipeline that it has since dropped about $.18 to $.30? The initial knee-jerk reaction of a possible oil supply problem has been diffused by BP stating that they can partially run their Prudhoe Bay oil field and consequently, the price of oil has dropped over $1 per barrel.
When the news of the oil leak was initially reported I asked my wife why a reputable company would want to let the whole world know about a leak. Anyone else out there wonder if BP made sure that everyone got themselves in a right little panic to drive up oil prices and help them continue to rake in their record profits?
Fuel data courtesy of AAA's Fuel Gauge Report.