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Gasoline Prices Remain Steady

National average hovers around $2 a gallon

By Mark Huffman
ConsumerAffairs.com

May 1, 2009

For yet another week, motorists will find little change in gasoline prices as they head out for weekend excursions. The national average price of regular self-serve gas is $2.054 a gallon, according to AAA.

Last week the average price was $2.059 a gallon. A month ago it was $2.047. Last year, however, consumers were in shock at the average price of $3.623.

Today's highest average gas price is in Alaska, at $2.591. The cheapest average price can be found in Oklahoma, at $1.879.

California's average price is $2.359. New York's is $2.219.

Gasoline prices have remained steady as oil traders have attempted to bid the price of crude oil higher and oil refineries have eased off production, and are now running at less than 83 percent of capacity, according to the U.S. Energy Information Administration.

According to the report, gasoline inventories fell last week, not because consumers were driving more, but because refineries had trimmed their output to 8.8 million barrels per day from 9.1 million the week before.

Gary of Erwin, Tenn., was outraged to hear that refineries were cutting back.

"It's not a bit right for these refineries to be cutting back on the number of barrels just so the prices go back up," he said. "The economy is bad enough as it is, and this will just hurt everyone even more. ... I wish these billionaires were in our shoes for just a month and see what we have to live on."

Despite the cutbacks, total inventories of gasoline on hand remain high, compared to this time in previous years. As a result, many industry analysts expect that gasoline prices will remain stable, and could even decline further, as the Memorial Day weekend approaches.

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