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Gas prices fall despite increase in oil prices | News

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Gas prices fall despite increase in oil prices
Gas prices fall despite increase in oil prices

Tampa, FL -- Average retail gasoline prices in Tampa fell 2.7 cents per gallon in the past week, averaging $3.52/g Sunday. This compares with the national average that has fallen 0.1 cents per gallon in the last week to $3.66/g, according to gasoline price website TampaGasPrices.com.

"Late last week we started to see a drop in wholesale gasoline prices, which is the price stations pay. Such news means the national average may begin moving lower," Patrick DeHaan, GasBuddy.com Senior Petroleum Analyst said in a release. "While I'm hopeful we'll start to see lower retail gasoline prices in the days ahead, we have seen considerable volatility and I'd hate to see the market move higher in the days ahead, negating any expected drop in retail prices."

According to AAA Club South, oil prices inched higher after U.S. inventories of crude oil decreased almost 4 million barrels the first week of September, approximately two times more than forecast as output in the Gulf of Mexico was cut in half after Tropical Storm Lee threatened refineries.

AAA reports the price of crude oil settled Friday at $87.24 a barrel on the New York Mercantile Exchange, which is 79 cents more than last week.

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