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Experts say activating unused oil wells could temper the rising costs at the gas pump, but consumers should not expect prices to get anywhere near their COVID low.
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With hiring up and fuel prices down, a sales rebound is in the boating forecast. For power boaters, gas prices make a big difference: They measure fuel consumption in gallons per hour.
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All around the country, drivers are seeing signs that gas prices are depressed. Those drops helped hold down the latest consumer price index. But economists worry about too much of a good thing.
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Prices are higher in large part because Gulf Coast refineries are exporting more gasoline to Latin America, analysts say. The average is about 18 cents a gallon more than it was a year ago.
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The country is producing more natural gas than it can burn, but frigid weather has made it harder for companies to deliver that gas to those who need it, especially in densely populated areas in the Northeast. As a result, prices have skyrocketed.
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The federal shutdown had economists worried, but consumers have had something to smile about. Gasoline prices are the lowest in three years — under $3 a gallon in some places. Analysts credit greater supplies, lower demand, the easing of Middle East tensions and even a slow hurricane season.