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Tightening market conditions forced OPEC to reduce surplus production capacity from 5 million barrels per day in 2002 to about 1 million barrels per day by mid 2008. This put upward pressure on prices. This period was characterized by an unprecedented sharp and steady rise in crude oil prices from $26 per barrel to over $140 per barrel.
The average national price for regular gasoline increased more than 16 cents to $2.24 per gallon, which was $1.48 less than a year ago and $1.87 below the all time high in July 2008.
Following several weeks of strong gains, propane inventories moved up to 0.7 million barrels last week and settled at an estimated 46.2 million barrels as of May 8, 2009. Price in the regional areas remained mixed with a small drop of 0.1 million barrels in East Coast, but with the Midwest reporting gains of 0.5 million barrels. The West Coast remained unchanged during this time.
Gasoline retail prices in early May of 2009 inched up from the previous month, with Vietnam raising pump rates on Friday for the third time in just over a month as oil prices rose above $57 a barrel. American motorists are now paying less when they refuel than their counterparts in China, India and Vietnam.
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