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Gas prices drop as demand falls

Demand for gasoline has plummeted to the lowest level in nearly 12 weeks, according to a release from AAA Tidewater.The latest Energy Information Administration report measures gasoline demand at 8.3 million barrels/day, which is the lowest level since mid-June. As demand dropped for a second week, so did gasoline supply levels. While consistently decreasing week-over-week, supplies also sit at a three million barrels year-over-year surplus.

“Typically, lower supply levels translate into higher pump prices. However, even with consistent declines in gasoline stocks, that’s just not the case right now,” said AAA spokesperson Kate Wilson. “Despite the steady supply dip, continued low levels of demand helped push gas price cheaper on the week.”

Monday’s national gas price average is $2.19, which is three cents less than last week, two cents more than a month ago, but 37 cents cheaper than mid-September last year. On the week, all states saw gas prices decrease or stabilize at the pu...

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