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Monday’s Oil Rally Threatens Slump At The Pump

Gasoline prices dipped for the fifth straight week, according to a new note from GasBuddy, with the most common gas price found in the United States falling to $3.99 per gallon.

Meanwhile, WTI has resumed its climb, threatening to slow falling prices at the pump.

The national average for a gallon of regular gasoline fell to $4.51 today, according to GasBuddy data, which surveys over 11 million price reports from 150,000 gas stations across the United States.

 “We’ve seen the national average price of gasoline decline for a fifth straight week, with the pace of recent declines accelerating to some of the most significant we’ve seen in years. This trend is likely to reach a sixth straight week, with prices likely to fall again this week. Barring major hurricanes, outages or unexpected disruptions, I forecast the national average to fall to $3.99/gal by mid-August,” BadBuddy head Patrick De Haan said, adding that the United States has seen 34 days of continual price drops.

There are now 25,000 stations across the U.S. “back at $3.99 per gallon or less, and thousands more stations will join this week. In addition, we will see several states fall back under an average of $4, the majority being in the south, but that could spread to more states in the weeks ahead,” De Haan said.

According to AAA, the national average for a gallon of gasoline in the United States fell to $4.521 as of Monday. That’s down 1.1 cents from yesterday, 15.7 cents from a week ago, and 46.8 cents from a month ago.

According to AAA, however, gasoline prices in the United States are still $1.35 more than they were a year ago—despite the significant drop over this last month.

Oil prices were trading sharply up on Monday, with WTI crude reclaiming its place above $100 per barrel—a threat to the continued slump in prices at the pump.

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By Julianne Geiger for Oilprice.com

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