AAA said that $2 a gallon pump prices are becoming more prevalent at gas stations across the country.
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How fast gas prices drop depends partly on the speed of maintenance at refineries.
The average price of a gallon of gasoline in the United States fell 9 cents in the past two weeks as refiners and retailers reduced their profit margins to sell more fuel, according to a Lundberg survey released on Sunday.
That price is 17 cents lower than a month ago and 8 cents less than the national average of $2.29 per gallon.
That’s also much lower than the price from a year ago, when motorists were paying $3.17. The lowest price was $1.99 at a Murphy U.S. in Palm Springs.
And yet, even at that, L.A. wholesale prices are coming down and Californians have seen their state’s average price of gas fall by 40 cents a gallon in the past 30 days.
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Gas prices are dropping because of a glut of oil worldwide spurred by increased supply from the USA and from long-time oil exporting nations. “Price declines could stall over the next month, but should continue creeping lower through the end of the year”.
