Price of a barrel of crude oil in the U.S. fell below $40 per barrel for the first time since the global economic crisis came to an end.
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The national average shed 8.5 cents per gallon, falling today to $2.60 a gallon, 84 cents lower than last year’s price of $3.44 a gallon.
Analysts say gas prices fell nearly everywhere across the United States last week, and that trend may continue into fall.
Some states are certainly seeing more benefits than others.
Have you noticed? Gas prices are headed back down, after peaking earlier this month.
Though most drivers across the country are incurring about 25% less on fuel costs compared to an year ago, refinery outages have prevented California drivers from the benefit of lower gasoline prices. And he’s putting the operators of gas stations on notice that his office “will not tolerate any unscrupulous behavior that violates Michigan law when it comes to gouging and price-fixing”.
The price of oil averaged $45.72 the week gas prices hit their 2015 low from January 26-31. Problems at the BP refinery in Whiting, Ind., caused a price spike in much of the Great Lakes region in recent weeks.
“On the flip side, motorists in the Northeast should now be on alert after a major fire struck a PBF refinery in Delaware City on Friday”, Dehaan added.
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“After Labor Day, we normally see a drop in gasoline demand as we head outof the busy summer driving season”, Carrasco said. Prices are a dollar lower than they were this time previous year .
