Michigan gas prices up 12.4 cents to record $1.67

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Michigan gas prices up 12.4 cents to record $1.67 a gallon May 31, 2000, 6:45 AM

DEARBORN, Mich. (AP) -- The average price of gasoline in Michigan hit a record $1.675 a gallon this week, up 12.4 cents from a week earlier, AAA Michigan says.

The previous high was $1.616 reported March 6, 2000, the auto club said Tuesday.

"This is ridiculous. They're just too high," Detroit motorist Michelle Brown said as she stopped at a gas station Wednesday.

This week's prices ranged from $1.419 to $1.799 a gallon. The average is 55.3 cents per gallon higher than one year ago.

In metropolitan Detroit, the average price was $1.592 per gallon, an increase of 6.4 cents from a week ago. That is 46.8 cents higher than one year ago. This week's prices ranged from $1.539 to $1.689.

Comerica Bank chief economist David Littmann said he expects a 20 to 25 cent drop in gasoline prices by August.

Normally, gasoline prices start rising around Memorial Day and begin to fall around Labor Day. Littmann said he expects this year's drop to begin earlier.

"It's very clear that the economy is slowing," he told the Detroit Free Press. "The world economy isn't any longer expanding at the same rate. There is lots of oil that countries want to bring to market."

AAA Michigan surveys 300 gas stations and has been doing so since 1973.

http://www.freep.com/news/statewire/sw13393_20000531.htm

-- Martin Thompson (mthom1927@aol.com), May 31, 2000


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