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Summer Gas Prices Continue Dropping

Summer Gas Prices Continue Dropping
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By Bill Hughes
Jul. 22, 2014 | PADUCAH, KY
By Bill Hughes Jul. 22, 2014 | 04:39 PM | PADUCAH, KY
We are continuing to see prices drop at the gas pumps this summer, according to an industry expert.

Patrick DeHaan , Senior Petroleum Analyst for GasBuddy.com, said prices statewide dropped around eight cents per gallon in the last week, and the average price currently sits at $3.50. But our area continues to have better deals.

"Prices in Paducah quite a bit under that, if you shop around.  Many stations around $3.38 or $3.39, some stations in the  $3.40's. Prices should continue to inch lower, we could be looking at prices that inch into the $3.20's by next week,"  DeHaan said.

GasBuddy.com surveys over 2,600 retail gas outlets in  Kentucky, and over 140,000 stations nationwide. DeHaan said prices are just over $.10/gallon cheaper than this time a year  ago, and that's because things seem stable at refineries in the  U.S. and the Middle East, with some areas increasing  production.

DeHaan said, "Libya is looking to boost oil exports, that's certainly good news as well. And the U.S. is producing a  significant amount of oil, in fact among the most that we've  produced in the last 25 years."

DeHaan said it's still too early to say with any certainty if  prices will dip below the $3.00/gallon threshold, but it could happen in the fall, "if we're lucky."
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