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Oil Price Plunge Leads to Falling Gas Prices

14 March 2017

A gas price war in Houston's south side dropped prices to 78 cents on Sunday. "The ability of US oil producers to offset OPEC cuts is a wildcard that could benefit motorists by limiting the typical lofty increase in fuel prices".

For the first since time November, crude oil prices traded under $50 per barrel.

That's mostly because refineries across the nation are preparing to undergo seasonal maintenance to produce cleaner-burning gasoline for the summer.

Locally, Houston-area prices are higher than the nearly historically cheap $1.75 a gallon average in March of past year, but still lower than $2.23 in 2015, $3.21 in 2014, $3.52 in 2013 and $3.74 in 2012.

When oil prices take this kind of beating, DeHaan said, one might expect gas prices to move in lockstep.

The overall drop in oil prices last week was glaring: for the first since time November, crude oil prices traded under $50 per barrel, almost a 10% week on week decline in price.

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"Man: "The cheapest bottle of water is 99 cents and our one gallon of gas is 79 cents a gallon". The supervisor at this station said they dropped their prices because a competitor across the street kept lowering theirs.

The Florida average was $2.274 on Monday, down from $2.288 a month ago and flat with a week ago.

"The annual spring rally at the pump could be less severe than expected", said Patrick DeHaan, a Gasbuddy senior petroleum analyst. Previous year at this time it was averaging $1.851.

Nearby, drivers in Pinellas County were paying an average of $2.13, with those in Hillsborough slightly higher at $2.15. At this time in 2016, the state average was $1.912.

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Oil Price Plunge Leads to Falling Gas Prices