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Gas Prices Inch Upward After Weeks Of Declines
Monday, July 9, 2012    
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AAA Mid-Atlantic says a lot of it is due to crude oil prices.

It looks like we may be seeing the end of rapidly falling gasoline prices. After declining since early April, AAA-Mid-Atlantic says the cost of filling up is inching upward.

The auto club says the average price of filling up in Maryland is $3.35 per gallon, which is a three-cent jump from the previous week. Nationally, AAA says, the average price of filling up is $3.36 per gallon, a one-cent jump from the previous week.

"It should be noted that both of those prices, both nationally and here in Maryland, are 21-cents less than what they were a year ago," says AAA spokeswoman Ragina Averella.

She says a lot of this has to do with the price of crude oil, which, when refined, becomes gasoline. Last week, AAA notes, the price of crude went up and down, but never dropped below the $80.00 per barrel level.

She says other factors include "a less glowing economic outlook; the actual jobs report was sort of flat. And there are certainly talks about tensions in the Middle East."

AAA had predicted that gasoline prices would continue to fall over the summer, but now the auto club says they'll probably remain flat. "Many analysts believe that prices may have reached their summer low, and may actually remain in the range that they are now, or slightly higher, and that they will likely to continue to fall again after the Labor Day Holiday," says Averella.