MI Gas Prices Should Fall Back Under $5 Per Gallon By July 4: Expert

MICHIGAN — Gas prices across Michigan should start falling back to under $5 a gallon by the Fourth of July, GasBuddy Petroleum analyst Patrick Dehaan said.

"More Great Lakes #gasprices should start falling back under $5/gal this weekend into early next," Dehaan said on twitter. "We'll see if this holds. A tiny bit of optimism..."

The average price for a regular gallon of gas across Michigan on Friday morning was $5.19, one cent cheaper than yesterday, but more than $2 from a year ago, according to AAA.

Regular gas prices around metro Detroit also fell just one cent from yesterday, making for a $5.29 average, which is among the highest in the state, according to AAA.

As gas prices topped $5 per gallon for the first time, President Joe Biden attacked some of the largest oil companies, accusing them of profiteering off surging energy prices.

"At a time of war, refinery profit margins well above normal being passed directly onto American families are not acceptable," Biden said in a letter, according to the New York Times. "There is no question that Vladimir Putin is principally responsible for the intense financial pain the American people and their families are bearing. But amid a war that has raised gasoline prices more than $1.70 per gallon, historically high refinery profit margins are worsening that pain."