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| CNN's Ali Velshi reports on the impact of energy prices on discretionary holiday spending. (October 12) |
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NEW YORK (CNN/Money) -
Gasoline prices dipped nearly two cents a gallon for the second straight day Thursday while diesel prices moved slightly lower, according to a daily report issued by travel club AAA, ahead of the government's weekly energy inventory report.
The average nationwide price for a gallon of regular unleaded gasoline fell to $2.837 a gallon from $2.854 Wednesday, AAA reported.
Gas prices peaked at $3.057 on Labor Day in the wake of Hurricane Katrina and have fluctuated since, falling as low as $2.755 a gallon Sept. 22.
A year ago, the average cost of a gallon of regular unleaded gasoline was $1.980, AAA reported.
The average nationwide price for diesel inched lower Thursday to $3.185 a gallon from $3.192 Wednesday, according to AAA, after a string of record-setting prices last week.
This time last year, diesel prices were at $2.123 a gallon, the travel club reported.
After Hurricane Rita slammed into the Texas-Louisiana Gulf Coast, many Texas refineries went off line, sparking fears of gasoline shortages.
Seven U.S. refineries remain completely shut, amounting to just under 2 million barrels per day (bpd), or 11 percent of U.S. fuel output capacity, Reuters reported. The U.S. government said it expected an average 1.7 percent of U.S. refining to stay shut in December.
The agency's weekly inventory report is due at 10:30 a.m. ET Thursday, with analysts polled by Reuters expecting a decline in gasoline stocks of 1.6 million barrels.
In last week's report, the EIA said that gasoline demand had fallen over the prior four weeks by 2.6 percent versus the same time last year, averaging nearly 8.8 million barrels per day.
In a survey released Sunday, the publisher predicted that gas prices may fall in the weeks ahead as refineries come back online, according to the Lundberg survey.
The Bush administration announced a conservation campaign last week that would encourage reductions in gasoline consumption and other fuels .
President Bush has also urged Congress to draft a bill that would allow for the construction of new refineries and ultimately alleviate recent high gas prices.
Midgrade and premium gasoline also fell by nearly two cents Thursday. The nationwide average price for midgrade gasoline was $3.012, down from $3.029 Wednesday. Premium gas prices sank to $3.122 from $3.140 a gallon Wednesday, AAA reported.
AAA's "Daily Fuel Gauge Report" also revealed that Hawaii still has the most expensive gas in the country, with the average cost of regular unleaded at $3.496. Gas in Oklahoma was the cheapest, with regular unleaded at $2.494, on average.
-- from staff and wire reports
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Tell us your story: Have rising gas prices forced you to cut back spending? Have you suffered long lines when filling up? We'd like to hear your story for an upcoming feature. E-mail us at gasprices@cnn.com.
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Click here for CNN/Money's special report 'Oil Crunch 2005'.
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