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Gas Prices Dip Yet Again

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CARS.COM — Gas prices continued to trickle down ever so slowly the past week, dropping by a penny to a national average of $2.29 for regular because of declining oil prices and an abundant supply. At $2.29, the average price for regular is the same as it was on Dec. 28, just before the start of a production cut by world oil producers that sent barrel prices up earlier this year before retreating again in recent weeks.

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Pump prices rose in early January and again in late February, but the trend has been in the other direction so far in March. The national average has fallen for 13 days in a row, according to the AAA Daily Fuel Gauge Report, though by only fractions of a penny per day for a total of 2 cents over that span. Premium gas has fallen by a penny during the past two weeks to $2.81 a gallon, and diesel fuel also has dropped by a penny to $2.51.

Motorists shouldn’t expect prices to keep dropping, AAA warned, because the typical pattern is for prices to rise during the spring.

“Gas prices may continue to drop in the near future due to declining crude oil prices and a well-supplied market, but will begin to creep up again over the next month due to seasonal refinery maintenance and the May 1 required switchover for producing summer-blend gasoline,” AAA said in a release.

Prices rose the past week by 2 to 3 cents a gallon in Western states such as Alaska, Nevada, Oregon and Washington, but most other states saw prices drop, including across the South. The biggest declines were in the Great Lakes area, with average prices falling by 5 cents in Illinois, 7 cents in Michigan and Ohio, and 9 cents in Indiana. Over the past two weeks, prices fell by 13 cents in Ohio, 14 cents in Michigan and 18 cents in Indiana.

South Carolina remained the state with the lowest average price, $2.02, down 3 cents from a week ago.  Tennessee was next at $2.04, followed by Alabama at $2.05. Hawaii had the most expensive gas with a statewide average of $3.08, followed by California, $3.00; Washington, $2.85; and Alaska, $2.82.

AAA said the national average for regular Thursday was 33 cents higher than a year ago, when prices were on the rise nationally. Compared to recent prior years, though, pump prices look better. Two years ago, regular was $2.44 a gallon, and at this time in 2014 the national average was $3.50.

Rick Popely

Contributor Rick Popely has covered the auto industry for decades and hosts a weekly online radio show on TalkZone.com.

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