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Gasoline prices continue fall as waivers make Iran sanctions moot, analyst says

Brian C. Rittmeyer
| Monday, Nov. 12, 2018, 10:00 p.m.

Average gasoline prices plummeted in the past week, falling to $1.99 per gallon or less in some places, according to GasBuddy.

“Every single day, Americans are spending nearly $100 million less than just 30 days ago — a significant and impressive feat as the national average gas price has shed over 20 cents per gallon over the last month,” said Patrick DeHaan, head of petroleum analysis for GasBuddy. “Oil’s demise has partially been due to the U.S. issuing waivers to countries buying crude oil from Iran, making sanctions moot, but also because ahead of those waivers, OPEC agreed to increase production to soften the potential blow from the Nov. 4 re-imposition of sanctions.”

In Pittsburgh, gasoline prices have fallen 5.8 cents per gallon in the past week, to an average of $2.95 per gallon, according to GasBuddy’s survey of 731 stations. That’s higher than the national average of $2.67 per gallon, which is down 5.9 cents per gallon in the past week.

Pittsburgh prices are 17.9 cents per gallon lower from a month ago, and 11.3 cents per gallon higher than a year ago. Nationally, the average is down 22.1 cents per gallon from a month ago, and 12.2 cents per gallon higher than a year ago.

“The plummet at the pump may continue for now, but all eyes will be on OPEC to see what move they make to pump oil prices back up,” DeHaan said.

Brian Rittmeyer is a Tribune-Review staff writer. You can contact Brian at 724-226-4701, or via Twitter @BCRittmeyer.

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