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The
5 percent decline in gasoline prices came as oil refiners and
gasoline wholesalers and retailers passed along lower oil-buying
prices to consumers, said survey publisher Trilby Lundberg in
emailed comments.
Current retail gas prices were 70 cents below the year-ago
period and at the lowest level since Jan. 23, when the average
price was $2.07 per gallon. Benchmark crude oil prices were
under pressure from hefty supplies and a strong U.S. dollar, the
report said.
"The pump price may well continue dropping during the rest of
November and into December," the report said, citing pressure
from "abundant" supplies and higher run-rates at U.S. refineries
at the end of the seasonal maintenance period.
Lower costs have been passed along the supply chain, and
refiners were also "sacrificing some of their gasoline margin,"
Lundberg added.
In the panel of cities in the lower 48 states, the low average
was Indianapolis at $1.79 and the high average was Los Angeles
at $2.76 a gallon.
Prices had been up in the previous two-week period, snapping a
19-week slide.
(Reporting by Chris Prentice; Editing by Peter Cooney)
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