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Americans under 35 are almost twice as likely as those above that age to report driving more because of the $1-a-gallon drop in prices at the pump over the past year.
With fuel costs plummeting alongside the collapse in crude oil, more Americans feel they’re getting a fair price at the gasoline pump now than at any time since late 2011.
Refiners are enjoying the best margins in two years as they finish seasonal maintenance of their plants before the summer driving season.
The five businessmen, who have all spent time at oil and gas company Apache Corp., say the company will focus on producing oil and natural gas liquids.
The average price for gasoline in March was $2.43 per gallon, the cheapest for the month in six years.
Just three months ago, the group forecast that oil would spike to $85 per barrel by December 2015; now it expects prices below $70 until 2016.
The 33 percent slide at U.S. pumps, combined with an improving job market, touched off a national spending spree on sport utility vehicles, vacations and Christmas presents.
Los Angeles had the most expensive gas among cities surveyed in the Lower 48 states at $3.29. Charleston, South Carolina, had the cheapest at $2.11.
After 40 days of climbing, gasoline prices have started falling again as crude continues to tumble, offsetting seasonal increases in fuel prices.
Gasoline’s crack, or premium to Brent crude, rose to $13.46 a barrel on Tuesday, the highest since April 29, according to PVM Oil Associates Ltd, one of the largest brokers for the fuel, before falling to $13.13 at 1:21pm London time.