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Gas Prices Dropping In The Northwoods?

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No that isn't an illusion you're seeing at Northwoods gas stations. Gas prices are dropping and prices here are at that state average of $2.69 a gallon for regular unleaded.

Senior Petroleum Analyst for the website gasbuddy. com ,Patrick DeHaan,  says ample supply is keeping prices down even during the peak travel season...

"....a lot of it really at the hands of a drop in crude oil prices. Over the last week and a half, the price has dropped from $10 a barrel, currently at $47 dollars a barrel. Because of that big decline, the price of gasoline has followed...."

DeHaan says a downturn in China's economy has slowed their consumption, putting more oil on the market. He says if the sanctions against Iran are lifted, that too, will put even more supply on the market. He says American production continues unabated, so even with more people driving over the summer, there's so much oil supply that prices are dropping.

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