Retail Gasoline Price Drops 12 Cents
WASHINGTON, D.C. --- The U.S. average retail price for regular gasoline fell 11.8 cents last week to hit $2.727 per gallon as of September 4. That's 34.2 cents lower than last year, reported the Energy Department's Energy Information Administration (EIA). The price difference between the current year and last year reflects the peak weekly price that occurred after Hurricane Katrina, the EIA said. Prices fell for the fourth week in a row, reaching the lowest national average price since April 10, 2006. East Coast prices fell 10.4 cents to $2.753 per gallon, while the Midwest saw the largest regional price decrease of 16.5 cents to $2.598 per gallon. West Coast prices were still the highest in the nation after falling 7.5 cents to $2.966 per gallon. California prices were 8.8 cents lower at $3.01 per gallon, according to the EIA. Retail diesel fuel prices fell by 6.0 cents to reach $2.967 per gallon as of September 4, still 6.9 cents higher than last year. This is the first time in five weeks that prices have been below the $3 mark. Diesel prices dipped throughout the country, with the Midwest seeing the largest regional decrease of 8.9 cents to $2.937 per gallon. The Rocky Mountains, which has the highest regional price in the country, saw a decrease of 2.8 cents to $3.318 per gallon. West Coast prices fell 3.0 cents to $3.199 per gallon, the EIA reported.