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Gasoline prices edge higher

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What a difference a year makes.

Retail gasoline prices barely budged for the second straight week, a year after they had already begun to soar toward all-time record averages of more than $4.58 a gallon in California and more than $4.11 a gallon nationally.

The average price of a gallon of self-serve regular gasoline in California rose less than half a penny to $2.34, according to the Energy Department’s weekly survey of filling stations, released today. That was $1.506 a gallon below the year-earlier price. Nationwide, the average price climbed less than a penny to $2.059 a gallon, which was $1.449 less than at this time last year.

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The small increase came at a time when some experts were predicting the cheapest summer driving season since 2005. Tom Kloza, chief oil analyst for the Oil Price Information Service in New Jersey, predicted that the average pump price would peak around $2.20 a gallon nationally and at about $2.50 a gallon in California.

The prediction came a week after the Energy Department said that low demand and plentiful supplies would likely result in a national average of about $2.23 a gallon for gasoline this summer.

Crude oil for May delivery fell $4.45, or 8.8%, to $45.88 a barrel today on the New York Mercantile Exchange as the dollar gained strength against foreign currencies and amid signs that the economy has yet to show consistent strength.

-- Ron White

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