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Have Gas Prices Hit a Low for the Year?

CNBC.com with Wires
Thursday, 8 Nov 2012 | 11:09 AM ET

The average U.S. price for a gallon of regular gasoline took its biggest drop since 2008 in the past two weeks, due to lower crude oil prices, a big price drop in pump prices in California and Hurricane Sandy, according to a widely followed survey released on Sunday.

Gasoline prices averaged $3.5454 per gallon on November 2, down 20.75 cents from October 19 when drivers were paying $3.7529 at the pump, Lundberg said.

(Read More: East Coast Gas Pains Remain, as Recovery Continues.)

The decline was the biggest two-week price drop since the survey recorded a 21.9 cents price decline December 5, 2008 due to a crash in petroleum demand during the global recession.

(Related: Gas Boost Makes US More Competitive Than Europe.)

That said, have gas prices hit a low for the year? Vote now in our "Futures Now" poll!

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