Fuel Dropping

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Fuel Dropping

WASHINGTON -- Retail gasoline prices fall by an average 2.9 cents to $1.54 per gallon, the eighth decline in the past nine weeks, the U.S. government said.

A weekly survey of service stations by the Energy Information Administration (EIA) showed the average pump price remained 9.8 cents a gallon higher than one year ago. The average U.S. pump price was the highest on the West Coast where prices fell 2.8 cents to an average of $1.70 per gallon, the EIA said.

The U.S. Gulf Coast continued to have the cheapest gasoline last week with the retail cost falling 1.6 cents to $1.41 a gallon. Among the major urban areas highlighted by the EIA, Houston pump prices were the cheapest at $1.371 per gallon, down 1.2 cents. San Francisco was the most expensive city even though prices fell 3.1 cents to $1.80 per gallon.

The national price for cleaner-burning reformulated gasoline, sold at about one-third of the gas stations in cities and smoggier areas, fell 2.8 cents to $1.63 a gallon.

U.S. diesel prices fell 0.7 cents to an average $1.50 per gallon last week, the EIA said. The average cost for a gallon of diesel is 3.9 cents per gallon more expensive than one year ago.

Crude oil prices account for 44 percent of the cost of gasoline.