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    Sunday, March 03, 2024

    U.S. gasoline prices fall for 60 straight days

    The per-gallon prices of the various grades of gasoline are illuminated on a pump at a Shell station Friday, Nov. 17, 2023, in Englewood, Colo. (AP Photo/David Zalubowski)

    Gasoline prices have fallen for 60 consecutive days - the longest streak of declines in more than a year - letting American drivers pass on savings at the pump to consumer retailers during the U.S. economy's all-important holiday season.

    A gallon of gasoline now costs $3.25 on average in the U.S., more than 60 cents below the year's peak in mid-September and about 30 cents cheaper than this time last year, according to data from the American Automobile Association. In 14 states, average prices are now less than $3 a gallon.

    Cheaper pump prices are welcome news for President Joe Biden, whose reelection campaign is touting "Bidenomics" as the answer for inflation-plagued consumers. The gasoline reprieve may also give retail stores a boost during the critical year-end shopping season by padding pockets with a little more cash. U.S. consumers, whose consumption spending makes up around two-thirds of the U.S. economy, spent a record $9.8 billion online during Black Friday.

    Gasoline prices are expected to continue falling following lower prices for crude oil, the biggest component in pump costs.

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