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Gas prices down in nearly all states as Libya resumes exports

July 24, 2018

Average gas prices dropped in nearly every state last week, and the national average hit its lowest point in 75 days, said Patrick DeHaan, head of petroleum analysis for GasBuddy.

“With Libya resuming oil exports, oil prices have been under pressure the last two weeks, falling briefly under $68 per barrel last week (and) closing out the week far lower than two weeks ago when oil prices touched $75.” DeHaan said. “In addition, signs are pointing to greater oil production from both Russia and Saudi Arabia, further tempering fears of too little supply.”

In Pittsburgh, gasoline prices fell 2.3 cents per gallon to an average of $3.08, according to GasBuddy’s daily survey of 731 stations. That price is 1 cent per gallon lower than a month ago, but 53.6 cents per gallon higher than a year ago.

Nationally, the average is down 4.4 cents per gallon from last week to $2.82. The national average has dropped 1.6 cents per gallon during the last month, but is 55.4 cents per gallon higher than a year ago.

“It has been the large drop in the price of crude oil that has opened the door for gasoline and diesel prices to move lower for the time being,” DeHaan said. “More good news? Retail gas prices still have some downward movement coming to catch up to the recent drop in oil.”

President Trump’s Sunday night tweet threatening Iran is not likely to have much effect on gas prices, DeHaan said.

“For now, the rising tensions with Iran may add to oil’s recent (small) rebound, but since sanctions would have effectively ended Iran’s oil exports this November, Trump’s tweet does not change much since Iran’s oil was already likely to be blocked in the months ahead,” he said.

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