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U.S. wholesale gasoline prices have dropped to a seven-month low below 275 cents per gallon.
Javier Blas, an energy and commodities columnist, highlighted that if the decline continues, American drivers could see the cheapest retail gasoline since March in the coming days.
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Blas previously reported that WTI refining margins fell to about $55 a barrel, reaching the lowest level since early September. In recent weeks, he also noted that global crude oil shipments neared record highs, with no Iranian barrels included in the latest increase. These developments have come as energy markets continue to adjust to shifting supply and demand.