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AAA Finds That Despite Low Demand, Oil Prices Are Keeping Gas Prices High

January 19, 2012

WASHINGTON – In its weekly review of oil and related fuel prices, AAA said that prices are caught between geopolitical news pushing oil prices higher and the global economic situation holding down fuel prices.

Overall, gasoline demand was reported at a little more than 8 million barrels per day, which AAA said is a 400,000-barrel-per-day year-over-year decline and at the lowest level since 2003, according to a recent U.S. Department of Energy report.

Despite ample supply and low demand for gasoline, though, the national average for gas prices is still up 10 cents over the previous week, with impending refinery shutdowns and high crude oil prices pushing prices up, according to AAA. The national retail average price for a gallon of self-serve regular gasoline was $3.38 on Jan. 17, a penny more expensive than one week ago, 15 cents more expensive than one month ago, and 28 cents more expensive than a year ago.

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