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Gas Prices Continue To Tick Lower

Consumer demand remains slack

By Mark Huffman
ConsumerAffairs.com

September 25, 2009

The average price of diesel fuel is $2.652 a gallon, down less than a penny in the last seven days.

After peaking in early June, gasoline prices have been mostly on the decline in the last several weeks. Analysts say prices are held in check by relatively stable oil prices.

“As has been the story for all of 2009, oil prices have been driven mostly by the perceived direction of the global economy,” said Andrew Delmege, AAA's manager of regulatory affairs. “Investors know that when economic activity increases so will demand for oil and gasoline. However, while the majority of the leading economic indicators are now heading in a mildly positive direction, there are conflicting opinions on whether or not the economy will grow with any zeal before the second or third quarter of 2010. As a result, the market continues to hesitate in taking oil prices in any meaningful direction.”

In trading this week, oil prices hit their lowest levels in the last nine months. Besides perceptions that the economy isn't recovering as fast as first believed, rising U.S. stockpiles of oil are creating a glut on the market. In its latest report, the U.S. Energy Information Administration reports demand for gasoline continues to soften.

Alaska continues to have the most expensive gasoline in the nation, at $3.41 a gallon, followed closely by Hawaii, at $3.38 a gallon. California, the only other state with an average gas price over $3, is third at $3.135.

The most expensive gas in California is in San Francisco, where it sells for $3.233 a gallon. The least expensive gas in California is found in Yuba City, where gas averages $3.08 a gallon.

Missouri has the cheapest gas in the nation, with an average price of $2.238. South Carolina is next, with $2.28 a gallon, followed by Oklahoma, at $2.334 a gallon.

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