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Pump prices dip below $3

POSTED November 30, 2011 2:00 p.m.
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As the holiday travel period looms, average retail gasoline prices in Kansas have fallen 5.5 cents per gallon in the past week, averaging $3.11 per gallon Wednesday, reported. This compares with the national average that has fallen 4.1 cents per gallon in the last week to $3.31.
The low in Kansas came at Manhattan with $2.98 and the high at Hays with $3.79. Around Great Bend, the prices hovered at about $2.99. 
Including the change in gas prices in Kansas during the past week, prices yesterday were 42.4 cents per gallon higher than the same day one year ago and are 19.4 cents per gallon lower than a month ago. The national average has decreased 14.4 cents per gallon during the last month and stands 46.3 cents per gallon higher than this day one year ago.
“The national average in the U.S. is at its lowest since Feb. 25, but remains at record highs for this time of year,” according to Senior Petroleum Analyst Patrick DeHaan. “While the downtrend in gasoline prices has certainly been welcome news for motorists, I see the trend short lived, and believe we may see continued volatility in the days ahead, but even with said volatility I do expect many Americans will see average prices between $3.25-$3.50 for the rest of 2011,” he added.
Meanwhile, the price of oil surged to $101 per barrel Wednesday, as the U.S. and other countries tried to make it easier for banks to lend money and keep the global economy growing, according to the Associated Press.
The Federal Reserve said it will team up with the European Central Bank, the Bank of England and the central banks of Canada, Japan and Switzerland to increase the flow of dollars around the world. The coordinated move should be a shot in the arm for Europe, where a festering credit crisis has slowed the eurozone economy and threatened a recession.
Separately China reduced the level of cash its banks are required to keep on hand in an effort to boost lending and ramp up the world’s second-largest economy.
Stock markets soared while the dollar sank in morning trading. Major U.S. indexes were up more than 3.5 percent. The U.S. Dollar Index, which measures the dollar versus other currencies, dropped 1.1 percent.
Oil, which is priced in dollars, tends to rise as the dollar falls and makes crude cheaper for investors holding foreign currency. The price of benchmark crude rose $1.14 to $100.93 per barrel in New York. At one point it was as high as $101.75 a barrel. Brent crude, used to price many foreign kinds of crude, rose 35 cents to $110.21 per barrel in London.

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