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Retail Gas Price Hits Eight-Week Low

WASHINGTON, D.C. -- The average U.S. retail gasoline price fell to the lowest level in eight weeks, as cheaper crude oil costs pushed fuel prices lower, the Energy Information Administration (EIA) said Monday.

The national price for regular unleaded gasoline fell to $2.60 per gallon, according to the weekly survey of retail fuel stations and reported by Reuters. That price is still up 94 cents from a year ago, according to the EIA.

The price of U.S. crude oil settled at $69.51 a barrel at the New York Mercantile Exchange Monday, the lowest settlement price since Sept. 29. Crude oil's drop centered on market concerns about weak oil demand and strong petroleum inventories, according to Reuters.

The West Coast had the most expensive gas at $2.85 a gallon, down 1.3 cents. Los Angeles had the highest price for U.S. cities, at $2.95, down 1.7 cents. The lowest gas price by region was in the Gulf Coast, which averaged $2.47 a gallon, down 4.4 cents. Houston had the cheapest city price at $2.38, down 7 cents, Reuters reported.

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