Gas Prices Drop for the First Time in Three Weeks

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Gas Prices Drop for the First Time in Three Weeks

WASHINGTON -- U.S. retail gasoline prices slipped for the first time in three weeks, falling $0.031 cents during the past week to $2.79 a gallon, the federal Energy Information Administration (EIA) reported earlier this week.

Although crude oil costs hit a record high above $80 a barrel several times over the past week and gasoline supplies remain slim, pump prices fell, Reuters reported.

After the Labor Day holiday, when the summer driving season ends and gasoline demand drops, fuel prices generally begin to fall, the report stated.

The national price for a gallon of regular gasoline is up $0.29 cents from a year prior, the EIA reported.

In the agency's new weekly price survey, gas was the most expensive on the West Coast, up $0.044 cents to $2.86 a gallon, Reuters reported. Chicago holds the highest gasoline prices among major cities, at $3.12, down $0.095 cents from a week ago.

Meanwhile, Gulf Coast states saw the lowest price by region, at $2.68 a gallon a drop of $0.014 cents. Within that, Houston had the cheapest pump price at $2.56 a gallon, down $0.025 cents.

In addition, the EIA reported gasoline price changes in the following cities:

-- Up $0.037 cents in San Francisco to $2.96
-- Up one cent in Miami to $2.87
-- Up $0.023 cents in Seattle to $2.86
-- Down $0.038 cents in Denver to $2.85
-- Down $0.179 cents in Cleveland to $2.79
-- Down $0.006 cents in New York to $2.70
-- Down $0.005 cents in Boston to $2.63