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Gas price at the pump will fall in the next week

As Wall Street went into a free fall this week, so did oil prices. Light sweet crude for September delivery fell below $89 a barrel at midday today.

If oil continues to fall, consumers can expect to see lower gasoline prices. In the futures market, where wholesalers buy their fuel to sell to gas stations, reformulated gasoline for September delivery was down about four percent in today’s trading.

Gasoline at the retail level, of course, is slower to react. The national average retail price of self-serve regular today is about $3.70 a gallon and has been in that range over the last few days. Chances are, that average price should begin dropping over the next few days. (consumer