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Gas prices fall with seasonal softening of demand

HOUSTON, TX – Gasoline prices in Houston fell another penny over the last week as the typical fall slowdown in demand offset rising crude oil prices.

Gasoline averaged $1.79 a gallon in Houston, down a penny from a month ago and 51 cents from a year ago, according to the fuel-tracking website GasBuddy. Nationally, prices also fell about a penny over the past week to an average of $2.16 a gallon. The average national price is down 2 cents from a month ago and 40 cents from a year ago.

Crude oil prices rebounded last week to about $41 a barrel. Crude was slipping Monday morning, but still trading above $40 a barrel.

“Gas prices have tip-toed lower with seasonal factors the primary driver, though with hurricane season continuing to be very active, sporadic shutdowns of oil rigs in the Gulf is leading to volatility in the price of oil, which may become a factor in the weeks ahead,” said Patrick De Haan, head of petroleum analysis for GasBuddy. “But we remain very likely to eventually continue to downward momentum into the heart of autumn.”

Original content provided by: The Houston Chronicle

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