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Gas prices drop across the U.S. as demand weakens ahead of summer

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  • Staff Report 

Gasoline prices in the United States dipped slightly this past week, settling at a national average of $3.65 per gallon, down two cents from the previous week, according to AAA. This decrease comes amidst subdued domestic gasoline demand and falling oil prices. Andrew Gross, a spokesperson for AAA, suggested that this recent price might be the highest before the hurricane season, emphasizing that oil prices will be crucial in determining future costs.

The Energy Information Administration (EIA) reported that gas demand decreased from 8.66 to 8.42 million barrels per day last week, while gasoline stocks dropped by 600,000 barrels to 226.7 million barrels. This reduction in demand and the slight drop in oil prices are poised to potentially lower pump prices further.

In the latest market assessment, the least expensive states for gasoline included Mississippi at $3.09 and Colorado at $3.13, contrasting sharply with California at $5.40 and Hawaii at $4.80. Meanwhile, oil prices decreased, with WTI closing at $82.81 after a 55 cent drop. Despite this, U.S. crude oil inventories are still below the five-year average, signaling ongoing volatility in oil market dynamics.

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