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Gas prices drop as holiday weekend looms

Gasoline got cheaper last week and is predicted to continue downward.

The national average price of a gallon of gas fell by a nickel, with Florida posting a 3-cent drop.

The timing couldn't be better with a long holiday weekend ahead.

Bloomberg's weekly survey of 38 industry analysts found 21 predicting that the price of gas will continue falling. High inventories and low demand are behind the slide in prices.

Reduced wholesale prices indicate a longer-term retail drop, according to Retail Fuel Watch, an oil industry trade paper.

That's good news with the upcoming three-day July 4 weekend expected to put thousands of people on the road.

"Last year at this time, we saw the national average price of gasoline increase from $4.07 to $4.10 on July 4,'' said Gregg Laskoski, managing director of public relations for AAA Auto Club South. "Fortunately, it's a much different story this year. All the indicators reflect that the peak price is behind us and we can now expect retail gasoline prices to edge downward, even as we approach the Independence Day weekend."

Gas prices drop as holiday weekend looms 06/29/09 [Last modified: Monday, June 29, 2009 11:25am]
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