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OIL AND GAS
It was Sept. 25 last time gas prices went up
by Daniel J. Graeber
Washington (UPI) Nov 11, 2014


disclaimer: image is for illustration purposes only

It's been 47 days since the U.S. average price for a gallon of gasoline increased, the longest streak in six years, motor club AAA said.

AAA reports a national average price for a gallon of regular unleaded gasoline at $2.926, just one tenth of one cent lower than Monday's average price. Nevertheless, it's been nearly two months since the average price went up, the longest streak since the middle of the last decade.

Gasoline prices in the United States passed below the psychological threshold of $3 per gallon during the first weekend in November, the first time that happened in nearly four years.

AAA said there are 22 states in the Lower 48 with an average price above the $3 mark. New York has the highest state average price per gallon with $3.29. South Carolina had the lowest state average, with $2.67 reported for Tuesday.

Since reaching a peak national average of $3.70 in late April, the motor club said in a Monday brief the price at the pump has dropped 77 cents. That translates to about $250 million per day in savings for U.S. commuters collectively.

"Absent any unanticipated market-moving events this winter, the retail price for gasoline is expected to remain relatively low," its report said. "As gasoline stations continue to adjust to falling oil prices in the global market, consumers are likely to experience the lowest Thanksgiving prices since 2009."

Gasoline prices typically decline after September because refiners can start making a winter blend of gasoline, which is less expensive to produce.


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