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AAA: Gas prices continue steady decline

No disruption to fuel supplies because of overseas turmoil.
By Daniel J. Graeber   |   Aug. 12, 2014 at 8:21 AM   |   Comments

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WASHINGTON, Aug. 12 (UPI) -- The U.S. national average retail price for a gallon of regular unleaded continues to fall despite overseas turmoil, motor club AAA said.

AAA reports a national average price Tuesday of $3.47 for a gallon of regular unleaded, down 2 cents from this time last week and 15 cents from one month ago. The national average price for this date last year was $3.52 per gallon.

AAA says drivers in most states saw prices at the pump decline, though some markets posted incremental increases last week because of refinery issues in the Midwest and Central states.

In an asessment on price trends, published Monday, AAA said crude oil prices have traded near multi-month lows despite U.S. airstrikes on Sunni insurgents in Iraq, simmering internal conflicts in Libya and ongoing tensions between Russia and Ukraine.

"None of these occurrences have resulted in a disruption to supply," AAA said.

The U.S. Energy Department says 67 percent of the price at the pump is tied to crude oil prices, with the bulk of the rest associated with refinery costs and taxes. The department says it expects gasoline prices to average $3.54 for the full year and fall to $3.45 in 2015.

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