AAA Michigan: Gas prices remain at $1.91 from last week

AAA estimates that the annual average price of gas in 2016 will be between $2.25 and $2.45 per gallon.

OH drivers are seeing the same average price at the pump as they did a week ago. Despite higher prices expected by Spring, AAA does not anticipate average gas prices to rise above $3 per gallon in 2016.

“Talk about starting the New Year off right”, said Patrick DeHaan, GasBuddy senior petroleum analyst.

For more information, visit AAA’s fuel gauge report. Only 2009 was lower during that time.

The current worldwide surplus of crude oil, which is used to produce gas, has led to dramatic drops in price – to roughly $37 a barrel.

Oil prices did jump almost 3 percent early today over concerns about Saudi Arabia breaking diplomatic ties with Iran.

“Gas prices remained at their lowest level for the year-end holidays since the 2008-09 holiday season”, spokesman Mark Jenkins said in the news release.

California is the main reason the nationwide average for gasoline isn’t much lower. However, AAA cited that regional gas prices will continue to vary dramatically around the country this year factoring in potential problems with local refinery production. The firm specifically highlighted El Paso-based Western Refining and San Antonio’s Valero Energy Corp. and Tesoro Corp.