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Gas Prices Hover In $2.60 Range

Market looking for clues on direction of economy

By Mark Huffman
ConsumerAffairs.com

August 28, 2009

The national average price of diesel fuel is $2.697 a gallon, up just over a penny.

"Determining a long-term direction in the price of oil and refined products proves difficult when considering mixed economic data and sudden swings in the price of crude oil," said Andrew Delmege, AAA manager of regulatory affairs. "Even though the Department of Energy reported crude inventories were down more than eight million barrels last week, domestic and global oil supplies remain robust. For much of 2009, crude oil's march above $60 a barrel, and now potentially to $75, has not been shaped by traditional supply and demand dynamics. Increased money flow into commodities markets, or speculative investment, has served as the primary driver of oil prices."

Gasoline prices are highest in Hawaii, at $3.297 a gallon, and cheapest in South Carolina, at $2.38 a gallon.

California gas prices have remained stable during the week, averaging $3.046 a gallon. The priciest market is San Francisco, where the average cost is $3.133 a gallon. The cheapest market is Yuba City, with an average price of $2.948 a gallon.

The average price of gas in New York is $2.836 a gallon, with the most expensive market in the state the New York City Metro, with an average price of $2.908. New York's most affordable market for motorists this week is Utica-Rome, at $2.769 a gallon.

The U.S. continues to have plenty of crude oil and refined gasoline on hand. The Energy Information Administration reported Wednesday that supplies of crude rose by 200,000 barrels last week. At the same time, supplies of refined gasoline fell by 1.7 million barrels. However, supplies of both commodities remain near all time highs.

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