Michigan Drivers May Not See Gas Price Relief Despite Oil Drop

Brent crude oil prices dropped by about 7% this week, but drivers across the U.S. may not see significant relief at the pump.

According to GasBuddy analyst Patrick De Haan, Michigan's gas prices operate in cycles, and the current dip may be short-lived.

'The complication is that gas prices in Michigan cycle,' said De Haan. 'Right now, I sense that where prices are is probably in the bottom third of that cycle. So we're getting close to having to see prices cycle again.'

The drop in oil prices is attributed to a pause in overseas conflict in Iran, but how long oil prices stay down depends on various factors both domestically and internationally.