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Gasoline Price Falls Below Year Ago Level


While the decline in gasoline prices has been widely felt, some states still have prices well above the national average. In California, which has high gasoline taxes and rigorous emissions standards that increase the cost of refining, the average price of regular gasoline was $4.62 a gallon on Thursday, down from $6.44 in June. In several Southern and Midwestern states, however, prices are below $3 a gallon, mainly because they have minimal gasoline taxes, if any, and demand is lower in rural areas, according to Devin Gladden, an AAA spokesman.Global oil prices account for more than half the cost of gasoline. The prices of both West Texas Intermediate and Brent crude, the global benchmark, have fallen more than 20 percent since late August, as Covi …

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