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July 26, 2016

I FAIL TO SEE THE DOWNSIDE: The Double Edge of Cheap Gasoline — and It’s Getting Even Cheaper.

Analysts say there’s simply too much gasoline and too much oil, and prices fell early this week amid crude supply concerns. West Texas Intermediate oil futures dropped 2.4 percent to $43.13 per barrel. According to AAA, the national average for unleaded gasoline is down 15 cents in a month.

“These are the cheapest gasoline prices for the end of July since 2004. There’s 36 states where you see gas less than $2 a gallon. The really cheap prices will be between Labor Day and Election Day,” said Tom Kloza, global head of energy analysis at Oil Price Information Services. Kloza expects the national average to fall below $2 per gallon, and said another 10 percent decline could easily be in store.

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