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As we noted last week gasoline prices are expected to keep falling to a level of around $3.25 a gallon by the end of the year. Increased U.S. production of crude oil, negligible disruption to the oil markets due to events in the Middle East and Ukraine, and the switch to lower-price winter-grade fuel all contribute to the expected drop in gasoline prices. U.S demand for gasoline is at a 7-year low and crude oil production is at a 50-year high, adding even more to the downward trend.
According to gasbuddy.com, there are currently 12 states where gasoline prices are $3.25 a gallon or less: South Carolina, Mississippi, Alabama, Louisiana, Virginia, Arkansas, Tennessee, Oklahoma, New Jersey, Texas, Missouri, Minnesota, and Georgia.
ALSO READ: Labor Day Travel to Rise as Gasoline Prices Plunge
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