Bidding War Produces 78 Cent a Gallon Gasoline

Bidding War Produces 78 Cent a Gallon Gasoline

Bidding War Produces 78 Cent a Gallon Gasoline

Houston-area fuel costs remain flat, but the national average price for gasoline fell by almost 2 cents in the past week because of plummeting oil prices.

OPEC's move to cut its production helped oil prices initially, but then United States companies ramped up production and supplies. The five states taking the largest increases were Utah (up 8 cents a gallon), OR (8 cents), Alaska (5 cents), Washington (5 cents) and Idaho (3 cents).

The fact that this has happened again highlights the shale industry's revival that was kickstarted at the end of a year ago, after an OPEC agreement with another 11 producers saw prices jump to the mid-$50s and stay there, although they fell short of reaching the much more desired $60 level.

Gas prices have declined nationwide over the last week.

That said, "This downward trend may only be temporary", AAA spokesman Mark Jenkins said.

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Consumers could see a 10-cent drop in retail gasoline prices before a sharp rise expected by Memorial Day, according to AAA. Domestic production has increased 1.6 percent since the beginning of the year. Modesto- $2.80/g, up 3.6 cents per gallon from last week's $2.77/g.

Officials say the average price for a gallon of regular gas in North Dakota generally increases about 35 cents between February 1 and April 1 as refineries begin seasonal maintenance and prepare for the delivery of summer blend fuels.

The Florida average was $2.274 on Monday, down from $2.288 a month ago and flat with a week ago. AAA reports the average gallon of regular unleaded in Texas costs $2.09 with Houston's gas priced at an average of $2.08.

Bridgeport- $2.48/g, up 0.8 cents per gallon from last week's $2.47/g. At this time in 2016, the state average was $1.912. The national average has increased 1.5 cents per gallon during the last month and stands 36.1 cents per gallon higher than this day one year ago.

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