Prices at Pump Likely to Fall More

By From USA Today| Jan 18 2007
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The average retail price of a gallon of regular gasoline fell 4 cents from Friday to Monday to $2.233, according to auto club AAA and the Oil Price Information Service. That's the biggest drop over a three-day period since the end of September. On Tuesday, it fell even lower, averaging $2.229. Gas prices are down 4% this year. The price of a barrel of oil trading in the USA for delivery the next month has dropped about 15%.燨il prices slumped Tuesday after OPEC powerhouse Saudi Arabia said there was no need for further production cuts to prop up the market. A barrel of oil traded as low as $51.85, according to Reuters. That was down more than 30% from the record high, not adjusted for inflation, reached in July. More relief for drivers is likely on the way. Average retail gasoline prices are expected to drop a dime or more over the next few weeks, say a number of energy analysts.

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