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Gas prices in California are dropping ahead of Thanksgiving — prices began cratering in October shortly after Saudi Arabia and Russia agreed to increase oil production to ward off market shocks.
California’s statewide average gas price on Thursday was $3.62, a decline of 19 cents from this time in October. The Golden State still has some of the highest prices in the U.S., with the national average standing at $2.59 per gallon, according to the American Automobile Association (AAA).
Some of the price reductions is due in part to President Donald Trump’s repeated threats against Saudi Arabia and other oil-producing nations if they refused to increase production. He even suggested the U.S. would no longer provide the oil-rich country protection if prices crept up.
Saudi Arabia energy minister Khalid Al-Falih revealed in early October that his country is producing 10.7 million barrels of oil a day, a rate near the record output set in November 2016. Opening the spigots caused prices tumble.
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