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A $1.39 price per gallon is seen here in North Plainfied, N.J. on Jan. 20, 2016. (AP Photo/Dennis Van Tine/Star Max)

(Bloomberg) — American drivers are within shouting distance of $1.50 a gallon for the first time since 2009.

Thanks to a glut of oil that has spurred refiners to make as much fuel as they can, pump prices nationwide are down about 26 cents a gallon from a year ago, which is translating into almost $80 million a day in savings for U.S. drivers, according to Michael Green, a spokesman in Washington for AAA. 

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