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Gas Prices Tumble Across the Country

Gas Prices Tumble Across the Country

Gas prices continue to fall for the third week in a row. An abundant supply of oil and gasoline have outpaced demand as the summer driving season accelerates into full-throttle mode.

The national average for regular fell 4 cents this past week to $2.28 early Thursday, according to the AAA Daily Fuel Gauge Report, 10 cents lower than it was on June 1 and 4 cents lower than it was a year ago, when prices were just beginning a slight downswing.

Premium gas fell by 3 cents to $2.82, a penny less than a year ago, and diesel fuel dropped 2 cents to $2.47, 10 cents more than a year ago.

Here's a look at what prices at the pump look like around the country this week:

The average price for regular dropped 5 cents in Oklahoma the past week to $1.99, making it the second state to fall below $2. South Carolina eked under $2 a week ago and fell another 4 cents the past week to $1.96. Alabama, at $2.01, and Mississippi, at $2.03, could soon drop below $2.

In California, the statewide average for regular fell to $2.99, leaving Hawaii as the only state over $3 at $3.06. 

AAA said global oil production has increased this year despite efforts by OPEC to curb production and boost prices. U.S. oil was trading at less than $43 per barrel early Thursday, about $5.50 less than it was 10 weeks ago. Oil is now at virtually the same price it was when OPEC announced plans to cut production in November.

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