Gasoline prices fell again over the week, but the trend could soon reverse as oil markets rally following the end to the U.S. election.
In Houston, average gasoline prices fell another penny to $1.71, down 8 cents from a month ago and 48 cents from a year ago. Nationally, gasoline prices fell 2 cents to $2.09 a gallon, down 9 cents from a month and 54 cents from a year ago.
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Gasoline prices have declined for several weeks, reflecting weak crude prices. Oil, however, surged more than 8 percent in Monday morning trading following the election of former vice president Joe Biden as president, reclaiming the $40 a barrel level.
"Previous weakness in oil has continued to translate into falling gasoline prices nearly nationwide as motorists cast their ballots last week," said Patrick De Haan, head of petroleum analysis for GasBuddy,"but the six week trend could reverse on optimism that President-elect Biden may move quickly to get organized and Sen. Majority Leader McConnell has said stimulus is high on his agenda, aiding the economy and oil demand."
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November 09, 2020 at 07:52PM
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Post-election oil rally could send gasoline prices higher - Houston Chronicle
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