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.
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.