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Gasoline Prices Remain Steady

August 09, 2016

Photo via Wikimedia.
Photo via Wikimedia.

The national average price of gasoline held steady during the first week of August near the $2.15 level, as abundant supplies continue to keep the price lower.

The national average price fell nine-tenths of a cent to $2.15, according to data from the U.S. Energy Information Administration. AAA's price reached $2.12, which was the lowest of any Aug. 8 since 2004 and 26 cents below 2016's peak price to date of $2.40 on June 11.

Gasoline prices reversed their recent slide in part due to a supply decline of 3.3 million barrels since April, the U.S. Department of Energy reported. A decline in prices in 38 states this week was offset by increases in several Midwestern states, reported AAA.

Among the regions, the Midwest saw the sole increase with a 4-cent gain to $2.115, as reported by the administration. The West Coast declined 4.1 cents to $2.573, while New England declined 4.3 cents to $2.125.

Meanwhile, the average price of diesel increased 3.2 cents to $2.316. Diesel is now 30.1 cents lower than a year ago, reported the administration.

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