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Gasoline Price Slow Down Ahead?

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Gas prices rose an average seven cents per gallon over the past two weeks, pushing pump prices to near record levels. But an industry analyst says the upward pressure on prices may be easing. The average weighted price for gas nationwide, including all grades and taxes, was approximately one dollar, 70 cents per gallon Friday, according to the Lundberg Survey. Analyst Trilby Lundberg says “the pace of gas prices has already slowed” and that “the other indicators show a possible decrease in prices.”

Lundberg points to increased production in Venezuela, the approach of warmer weather, and the reopening of various U.S. refineries that had been idled for annual maintenance. Crude oil prices are also up due to fears of a war with Iraq.

But Lundberg says if the U.S. goes to war, or if the crisis is resolved, that oil bubble could burst.

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