Michigan Gas Prices Fall Below $4 Per Gallon: AAA

MICHIGAN — Michigan's average gas prices fell below $4 per gallon Friday morning, according to AAA.

Drivers in Michigan paid $3.97 per a gallon of gas, which is ten cents cheaper than last week and nearly 20 cents cheaper than last month, according to AAA.

While the state's average gas prices fell below, the Metro Detroit area still saw prices above $4, with an average of $4.01 per gallon of gas, according to AAA. However, that number is down 12 cents from last week.

President Biden recently announced a plan to tap into the nation’s strategic petroleum reserve for six months, releasing one million barrels of oil per day. The president hopes that flooding the market with more oil will help offset sanctions the U.S. and other world leaders imposed on Russia for its war in Ukraine and help lower gas prices across the nation.

An economist from Oakland University told Fox 2 Detroit the plan to release more oil may bring down gas prices "relatively quickly."

"I think the impact is going to felt at the pump relatively quickly because the price of oil is actually based on futures, kind of the expectations of what's going to happen in the market," Dr. Michael Greiner, an economist with Oakland University told the news station. "So, for example, the reality is we really aren't feeling a lot of what the impact is as a result of the invasion in Ukraine, in terms of the actual oil that's on the market currently."