U.S. Gasoline Average Hits Six-Month Low

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U.S. Gasoline Average Hits Six-Month Low

WASHINGTON -- In what marks the biggest drop in the last six months, the U.S. retail gasoline prices fell 15 cents a gallon over the last week, with the average falling below $3.50.

While still higher by 71 cents from this time last year, the federal Energy Information Administration (EIA) reported that the national price for regular unleaded gasoline is $3.48 a gallon.

The decreases are attributed to a combination of cheaper crude oil and declining gasoline demand. U.S. crude oil futures settled on Monday at the lowest level in eight months at the New York Mercantile Exchange, dropping $6.07 to $87.81 a barrel, reported the EIA

In the EIA’s weekly survey of service stations, gasoline was the most expensive in the lower Atlantic states at $3.67 a gallon, down 10.9 cents. Chicago had the highest city price at $3.75, down 16.2 cents.

The New England states had the lowest regional price at $3.39 a gallon, down 14.4 cents in the last week. Cleveland had the lowest city pump price, down 33.5 cents at $3.28.

The EIA also reported gasoline prices were down 12.7 cents to $3.68 in Miami, down 7.3 cents to $3.56 in Los Angeles and down 10.7 cents to $3.54 in Seattle. In Denver, average price fell 10.3 cents to $3.46. The average rice of a gallon of regular gas was down 13.5 cents to $3.40 in New York City, down 16.6 cents to $3.35 in Houston and down 14.3 cents at $3.32 in Boston.

Separately, the average price for diesel fuel declined 8.4 cents to $3.88 a gallon, the lowest since early March, but still up 84 cents from a year earlier, EIA reported.