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Gasoline Prices Still Dropping

Gasoline prices dropped nearly two cents per gallon in the last two weeks, continuing a trend that has lasted nearly all year.

The Lundberg Survey of 10,000 stations nationwide found that the average retail price, including all grades and taxes, was about a quarter-cent under $1.11 on Friday. That was down $1.81 cents from the July 24 survey, analyst Trilby Lundberg said Sunday.

"The crude oil glut is the reason that gasoline prices are going down instead of up during the summer driving season," Lundberg said.

At self-service pumps, the average price for regular gasoline was $1.05 per gallon, mid-grade was $1.16, and premium was $1.24.

At full-service pumps, regular was $1.48, mid-grade was $1.57, and premium was $1.64.

Gas prices have been falling all year, except for a few weeks beginning in late March. The dip began again in early June.

The glut of oil on the world market increased with the United Nations' decision to let Iraq sell some crude oil to raise money for humanitarian needs.

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