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Gas prices steady as oil prices drop

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The price of oil has come down over the last month, so could gasoline prices drop soon, too?

With the lower oil prices, refineries are buying more of it to turn into gasoline.


"You're starting to see utilization rates, percentages, increase at the refineries, meaning they're making more gasoline to catch up with that demand," said AAA's Don Redman.

Redman says it will take some weeks for gasoline inventories to catch up to demand, but gasoline prices are stable, and could start falling soon.

"I think that we certainly could see prices begin to fall, within the next few weeks but certainly by when we get into June."

Today, a gallon of 87 octane gas costs an average of $2.586 in the New Orleans area, according to the AAA daily survey. That's a penny less than one week ago.

A year ago, gas cost $1.706 a gallon.