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NEW YORK (AP) - Gasoline prices climbed Thursday after another round of outages at U.S. refineries stoked supply concerns ahead of Memorial Day weekend, the unofficial start of the summer driving season.
Crude oil prices dropped, however, as traders figured that U.S. crude inventories, already abundant, are likely to swell even more if refineries keep paring back operations for maintenance.
Despite a ramp-up in gasoline production last week, the nation's gasoline inventories remain 6.9 percent below where they were last year, the Energy Department said Wednesday. Additional shutdowns are likely to boost roadside fuel prices further into record territory, analysts said.
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