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Gas Prices Continue Downward Trend

Ike price spike has ended, but bad signs remain

By Mark Huffman
ConsumerAffairs.com

September 24, 2008

Gasoline prices dipped slightly for a seventh consecutive day Wednesday, according to the American Automobile Association (AAA). The motor club's daily tracking survey is based on credit card data gathered from stations nationwide.

The average price of a gallon of regular unleaded gas is now $3.715, down just over a penny from $3.726 recorded the previous day.

Prices have renewed their downward trend after spiking rapidly in the wake of Hurricane Ike, which ravaged the Texas Gulf Coast without causing damage to oil rigs and refineries. However, both were shut down as the storm approached and required several days to restart.

According to the AAA survey, gas prices are still slightly higher than they were before the storm. A month ago, the average nationwide price of a gallon of unleaded gas was $3.681. A year ago, the price was $2.811.

While the seven-day decline comes as welcome news to motorists, it might not last much longer. Gas prices had been falling because of the rapid decline in oil prices, which fell well below $100 a barrel earlier this month.

However, the trend in oil prices is sharply higher again, but not because of supply issues. Traders have bid up oil prices in recent days as they have looked for a safe haven in commodities and hard assets.

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