Oil prices slip as prices at the pump hit a milestone

Sept. 17, 2013 at 8:30 AM   |   Comments

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NEW YORK, Sept. 17 (UPI) -- Gasoline prices hit a milestone Tuesday, while oil prices headed lower, heading toward $106 per barrel on receding worries about Syria.

Concern that the United States would choose a military intervention in Syria's civil war have faded, taking some pressure off of oil prices, which hit a recent peaked at $110.10 per barrel in late August.

AAA noted that Tuesday is the 1,000th consecutive day in which the national average gasoline price has been above $3 -- the longest such streak on record.

In some states, especially in the Midwest, prices at the pump have dropped dramatically from a year ago. In Michigan and Indiana, prices are 50 cents lower than the same week of 2012. However, there are variations, AAA said, with prices in Alaska down just 4 cents from a year earlier. In Wyoming, prices are 10 cents lower than a year ago.

At the nation's gas stations Tuesday, the national average price for unleaded gasoline fell to $3.512 per gallon from Monday's $3.517, the AAA Fuel Gauge report said.

West Texas Intermediate crude oil prices for October delivery on the the New York Mercantile Exchange dropped 31 cents to $106.28 per barrel. Reformulated blendstock gasoline prices fell 0.09 cents to $2.7157 per gallon. Home heating oil dropped 1.11 cents to $3.0526 per gallon. Natural gas added 1 cents to $3.75 per million British thermal units.

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