While the national average price for a gallon of regular gasoline has decreased by 5 cents to $4.19 over the past week, Bay Area drivers are still paying $1.66 more a gallon than the rest of the country.
The global oil market remains highly volatile, so additional news that threatens supply could put upward pressure on oil prices.
According to new data from the Energy Information Administration, an increase in the total domestic gasoline stock combined with a drop in demand helped nudge prices downward, according to AAA. If demand continues to decline as gasoline stocks continue to build, the national average will likely continue to move lower. The U.S. said Thursday it will release 1 million barrels of oil per day from the Strategic Petroleum Reserve.
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