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Gas Prices Post Biggest Weekly Decline Since 2008

NEW YORK -- U.S. drivers saw some relief over the past week as the national average price of gasoline dropped 12.5 cents per gallon from one week ago, marking the largest weekly decline since December 2008, according to AAA data released yesterday. The average price of $3.773 per gallon on Oct. 16 fell to $3.648 per gallon on Oct. 23, reported MarketWatch.

Additionally, national prices have declined for 12 days in a row for a total drop of 16.5 cents per gallon during that time period. That makes the longest streak of consecutive declines since July 2, stated AA spokesman Michael Green in an e-mail.

"Gas prices generally drop after the end of the summer driving season, but factors such as Hurricane Isaac and regional refinery disruptions delayed the lower prices anticipated by motorists," said Green.

"Gasoline supplies are now increasing in many parts of the country at a time when demand declines, oil prices drop and refineries produce less expensive winter-blend fuels," he said. "The fundamentals of supply and demand should continue to bring down gas prices into the foreseeable future."

With these facts in mind, Green noted that gas prices should drop "through both Election Day and Thanksgiving" with an outside chance of dropping below year-ago levels in November.

Still, "gas prices remain the highest ever for this time of year and are 19 cents [a gallon] more expensive on average than this day last year. The national average price of gasoline has broken daily record highs every day since August 20," Green stated.

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