The Phaserl


US Gas Prices Down on High Supply, Lower Demand

by Charles Kennedy, Oil Price:

Average retail gas prices in the US fell slightly on Thursday, to $3.21 per gallon, according to the AAA, after falling four cents over the week.

Gas prices are set to reach their lowest level this year on high supply and lower demand, while wholesale gas markets dropped to 43.75 cents below futures.

In an interview with Bloomberg, Andy Lipow, president of Houston-based Lipow Oil Associates LLC, predicted that gas prices would dip to $3.15 by year’s end.

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