There’s good news about gas prices for this holiday, especially if you were paying a dollar-70 or more on Memorial Day. DNR Data Fuels Analyst David Downing says prices are way down with price of a gallon ranging from $1.30 to $1.14. Downing says the difference depends on where you are.Some of the lowest prices are in the Cedar Rapids area, as the eastern part of the state leads the decline. Downing says we can count on low prices for another week, and after that it’ll depend on the new reports on world and national oil supplies.If inventories go up again and demand stays at 8 and-a-half million barrels a day, prices will stay where they are, and they probably won’t do much before the end of summer. He says any refinery problems could make the market depend far more on the amount of already-refined gas available for import. The supply and refining of crude oil are both factors in what we pay at the pump.He says prices are so low because refineries are producing lots of gas with no breakdowns, and imports are good. Downing says the prices of crude oil are much lower than they were earlier in the year, which could signal continued lower gas prices if the rest of the market remains stable.
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