Gas prices slip as supplies grow

Gasoline prices in Greater Houston fell about two cents a gallon over the past week as plentiful supplies come into the market, according to GasBuddy.com, a website that tracks gas prices and refining activity.

Gasoline average $2.25 a gallon in Houston Sunday, down from about $2.27 a week earlier, according to GasBuddy. Despite the dip, local gas prices are running an average of about 10 cents per gallon higher than a month ago and 29 cents higher than a year ago.

Nationally, average prices slid about 4 cents a gallon over the last week to $2.38 . That’s up 5 cents from a month ago and 16 cents from a year ago

“An oversupply of gasoline as refiners ramp up production will continue to exert downward pressure on prices at the pumps,”

said Dan McTeague, GasBuddy senior petroleum analyst. “The expected bump in fuel demand doesn’t seem to be coming, leaving refineries with a lot of inventory that has yet to find a market. Gas prices appear poised to drop yet again this week.”

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