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U.S. financial and economic topics from several finance writers.

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Gas Prices Drop for the 7th Week in a Row

More relief for drivers in the U.S., gas prices are dipping lower for the 7th week in a row. The average price for gas in the U.S. is $3.67 a gallon for regular unleaded.

Crude oil prices are down 25%, now at a five-month low. It reached its all-time high of $147.27 in July. Analysts predicted in May that crude oil may top $200 a barrel, but the current price of $109 a barrel tells a different story.

The same economists who predicted the continued rise in the price of oil say that the direction of fuel prices could change again, if the oil-producing countries decide to limit their production.

Contributing to the drop in gas prices:
  • Hurricane Gustav temporarily shut down much of the natural gas and crude oil production in the Gulf of Mexico, but has done less damage than was anticipated.
  • The dollar continues to strengthen; fewer investors are buying commodities and pushing up the price of oil.
  • The demand for fuel is down. According to the U.S. Department of Transportation, U.S. drivers have driven 53.2 billion miles less than they have during the same period last year.

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Wednesday, 15 July 2020

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