Massachusetts gas prices continue freefall

31 Aug 2015 | Author: | No comments yet »

AAA Michigan: Gas prices drop 32 cents in past week to $2.52.

Average retail gas prices in Houston came in at $2.25 a gallon Sunday, down 7.1 cents per gallon in the past week, according to GasBuddy’s daily survey of 2,559 gas outlets in Houston.

The Dearborn-based auto club says the decline can be partly contributed to last week’s restart of a large distillation unit at an Indiana oil refinery. The price of a gallon of gas is $1.10 cheaper than a year ago and 13 cents below the national average, the auto club said. “Falling gas prices spell good news for Labor Day travelers, who will benefit from the lowest end-of-summer prices at the pump in a decade,” said Mary Maguire, a spokeswoman for AAA Northeast.

Gasoline prices across the country dipped faster than in Houston because BP’s Whiting, Indiana refinery came back online and helped level out the supply and demand. “The national average now stands at its lowest point since April, a fitting way to close out the summer driving season with Labor Day approaching,” said Patrick DeHaan, GasBuddy senior petroleum analyst, in a statement. “While oil prices rallied late last week, I don’t yet expect it to impact pump prices, as they still have some catching up to do with the drop in crude oil prices,” DeHaan added. “Since June 30, oil prices have fallen 23 percent while retail gasoline prices have fallen about half that amount, so gasoline prices will move lower again this week.” U.S. oil prices were about $45 a barrel Monday morning, substantially down from nearly $96 a barrel at the end of August last year. With refinery maintenance season coming up and the demand from refiners decreasing, oil prices could face more downward pressure on the horizon in the near term.

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