Oil, gasoline prices plummet in first half

Driven by dramatically lower crude oil prices, U.S. retail gasoline prices-when adjusted for inflation-have declined over the past 6 months to their lowest point in at least 70 years, the American Petroleum Institute reported. API said the declines were the direct result of increased worldwide oil production, Asia's substantial reduction in oil consumption, and the unusually warm weather this past winter in the U.S. Meanwhile, the U.S. Energy Information Administration expects summer gasoline prices to remain well below year-ago levels. Price spiral Edward Murphy, API's director of finance, accounting, and statistics, said a downward price spiral that began late last yea...

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