Oil Price Plunge Leads to Falling Gas Prices

Oil Price Plunge Leads to Falling Gas Prices

Oil Price Plunge Leads to Falling Gas Prices

A bidding war between two gas stations in Houston let motorists drive away with a win after prices dropped below 80 cents per gallon.

OPEC's move to cut its production helped oil prices initially, but then United States companies ramped up production and supplies.

Prices could drop up to a dime per gallon over the next few weeks.

For the first since time November, crude oil prices traded under $50 per barrel.

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The fact that this has happened again highlights the shale industry's revival that was kickstarted at the end of past year, after an OPEC agreement with another 11 producers saw prices jump to the mid-$50s and stay there, although they fell short of reaching the much more desired $60 level.

Just 16 states saw average gas prices rise versus last week, with Utah leading gainers with a rise of 8 cents. Modesto- $2.80/g, up 3.6 cents per gallon from last week's $2.77/g.

Drivers across the USA paid an average of $2.30 per gallon.

"A sudden plunge in the price of oil is likely to weigh on gas prices, at least temporarily", said Patrick DeHaan, senior petroleum analyst for GasBuddy.com. Costs are slightly lower in Western New York, with Buffalo's average at $2.41 per gallon.

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While gasoline demand has been sluggish so far this year, it rose 7 percent last week, according to the Energy Information Agency (EIA).

Bradenton-Sarasota-Venice's average was $2.245 a month ago.

In metro Albany, drivers were paying $2.113 Monday, also down a half-penny in a week and seven-tenths of a cent more than February 13. Georgia drivers past year were paying about $1.875, while metro Albany motorists were paying $1.87.

The national average was $2.298, down from $2.312 a month ago.

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DeHaan said he remains optimistic that the annual spring rally at the pump could be less severe than expected, but added that is remains hard to know where the new path will lead oil prices in the week ahead.

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