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U.S. gasoline prices declined for the tenth straight week, according to the latest Gas Buddy data.
Gas prices have receded for 10 straight weeks, falling another 5.1 cents from a week ago to $3.60 per gallon on Monday.
The national average gasoline prices have fallen 51.3 cents from a month ago, although they are still higher year over year by 72.2 cents.
Americans are now paying $450 million less on gasoline than they were in mid-June.
“While some areas saw gas prices rise slightly last week, the national average saw yet another weekly decline, extending the streak to ten straight weeks. The pace of declines is certainly slowing down as oil prices have bounced up slightly, but the West Coast and Northeastern U.S. are areas that still may see gas prices decline, while the South and Midwest see the drop fade and potentially slight increases,” head of petroleum analysis Patrick De Haan said in a Monday statement, adding that the approaching peak hurricane season “remains a wildcard”.
Falling gasoline prices come largely on falling crude oil prices, with WTI falling nearly $10 per barrel over the last 30 days. WTI fell $3.53 per barrel on Monday alone, a 3.89% drop for the U.S. benchmark. Crude oil prices have fallen over the last week as the market fears an economic slowdown that could have a negative impact on demand. Still, the oil market continues to be tight, with inventories shrinking—capping the losses from recession fears.
Gas Buddy data from last week showed a small decline gasoline demand of 1%, with the biggest demand destruction coming out of PADD 2.
WTI was trading at $87.24 per barrel at 11:19 a.m. ET.
By Julianne Geiger for Oilprice.com
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Julianne Geiger is a veteran editor, writer and researcher for Oilprice.com, and a member of the Creative Professionals Networking Group.