Since hitting an all-time record of $4.11 on July 17, U.S. retail gasoline prices have dropped an average of 45cts/gal nationally. They now average $3.66/gal. During that span, prices dropped for 40 consecutive days. The downtrend was interrupted last week by concerns that Tropical Storm Gustav might pave its way into the U.S. Gulf Coast, posing a threat to the region's oil refining infrastructure. During the first half of last week, gasoline prices at the supply level spiked more than 20cts amid those fears. Gulf Coast bulk supply prices for gasoline climbed back to over $3.00, having started the week in the $2.80s. Other regions didn't take the full brunt of what happened in the Gulf, but gasoline numbers rose elsewhere as well.
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