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The results of an ongoing survey conducted by AAA Michigan indicate that gas prices declined to their lowest levels in the past two years in October 2001 and have only started to rise again in March 2002. Higher gasoline prices, especially $2.00 per gallon and higher, tend to have a negative impact on tourist travel in Michigan.
As we head into the summer season, it appears that gasoline prices are beginning to rise; however, they are still significantly lower than they were at this same time last year. This bodes well for businesses that rely heavily on the summer pleasure travel market to generate revenue.
Gas prices have continued to remain much lower this year than during the early summer seasons of 2000 and 2001, so they should not hinder people from taking summer drive vacations in Michigan.
The average statewide gasoline price in June 2002 is comparatively lower than it was during the same month in 2000 and 2001. It has also remained at nearly the same level for three consecutive months.
Gas prices in July 2002 reached their highest level of the year at just over $1.45 per gallon, however, they have remained relatively flat since April of this year. This summer, Michigan has not experienced the same spike in gasoline prices that occurred during the past two summer seasons.
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