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10/27/2011

Gasoline prices off in Texas again

Gasoline prices fell this week in Texas, with the average price of a gallon of regular down five cents to $3.29, AAA Texas reports today in its Weekend Gas Watch.

The national average is $3.44, 3 cents less than last week. The Fort Worth average is $3.30, 7 cents down.

AAA Texas’ assessment: “Market analysts say a strong U.S. dollar, lower than expected economic growth in China, and the concern that a meeting set to address European economic uncertainty may be postponed exerted downward pressure on crude oil prices this week. As the financial climate overseas maintains uncertainty, U.S. dollars become a more attractive investment, driving up the value of the dollar. Commodities, including crude oil, are traded in U.S. dollars, and as the dollar strengthens compared to currencies abroad, oil becomes a less attractive investment for those holding foreign currencies and prices are pressured downward.”

- Scott Nishimura

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