Retail Gasoline Rate Falls 58 c in Week Lowest Considering That January

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NEW YORK-- United States steel sheet market expecting rate rise statement of regular gasoline dropped 5.8 cents to $3.367 a gallon in the week ended Monday, the Energy Details Administration claimed.

Costs were at their least expensive level since Jan. 28 for a second straight week.

Prices have dropped 24.1 cents, or 6.7%, over the past five weeks as the top summer season demand period has passed and also stocks stay high.

Gas prices are down 12.5%, or 48.3 cents, from a year previously, the biggest year-on-year decrease because Oct. 12, 2009, EIA data show.

Present fuel rates are 18.2 cents below the document national average of $4.114 a gallon hit July 7, 2008, the EIA information show.

In its September temporary power overview, the EIA predicted fuel costs will certainly average $3.55 a gallon this month, down from $3.75 a gallon a year previously.

The forecast is based on Nymex crude-oil futures averaging $103 a barrel, up from $89.49 a year earlier. Nymex crude is averaging $103.26 a barrel thus far this month.

Globally traded Brent crude oil, which holds persuade over gas costs, is anticipated to typical $110 a barrel this month, down from $111.21 a barrel last year. Brent is balancing $109.05 a barrel so far this month.

The EIA stated crude-oil expenses accounted for 71% of the price of gasoline in August.

Prices decreased in all areas, led by a 7.3-cent decrease in the Midwest.

AAA claimed Monday its everyday ordinary cost was $3.346 a gallon, down 5.3 cents from a week earlier. The rate was 23.2 cents less than a month previously, and 46.8 cents below the year-earlier level.