The Car and Truck Fleet and Leasing Management Magazine

Retail Gasoline Price Drops 1.8 Cents

February 20, 2008

WASHINGTON, D.C. --- The U.S. average retail price for regular gasoline slipped 1.8 cents lower to $2.96 cents per gallon as of Feb. 11 -- the lowest price since late October and 71.9 cents higher than the price a year ago.

On a regional basis, prices  --- with the exception of the West Coast --- were down from the previous report, according to the Energy Department's Energy Information Administration (EIA). Prices on the East Coast fell 2.8 cents to $2.977 per gallon. This was the lowest price since early November and 78.8 cents per gallon above the price a year ago.

The Midwest price dropped 2.0 cents to $2.942 per gallon, 71.8 cents per gallon more than last year. The Gulf Coast price, the lowest on a regional basis, fell by 2.1 cents to $2.851 per gallon. The Rocky Mountain price fell by 0.6 cent to $2.935 per gallon.

Prices on the West Coast remained the highest on a regional basis as the price increased slightly, moving up by 0.5 cent per gallon to $3.060 per gallon. The average price for regular grade in California moved up slightly by 0.1 cent to $3.108 per gallon, 47.6 cents above the price a year ago, EIA reported.

On a national basis, the retail diesel fuel price was unchanged from the previous period at $3.280 per gallon. This was 80.4 cents per gallon higher than a year ago.

Regionally, diesel prices were mixed, as the price on the East Coast dropped by 1.4 cents to $3.324 per gallon. This was the lowest price in the region since early November and 85.9 cents per gallon higher than the price a year ago.

The diesel price in the Midwest increased by 0.6 cent to $3.249 per gallon, 82.0 cents above a year ago. On a regional basis, the diesel price in the Gulf Coast was the lowest in the country. The price there fell by 0.8 cent to $3.239 per gallon, 84.5 cents above the level a year ago.

Diesel prices in the western portions of the country increased, with the price in the Rocky Mountains moving up slightly, by 0.4 cent, to $3.264 per gallon. That's 74.7 cents above the price a year ago.

On the West Coast, the average diesel price increased by 2.2 cents to $3.347 per gallon, 57.0 cents higher than the price a year ago. The diesel price in California increased by 1.6 cents to $3.393 per gallon, 48.8 cents more than a year earlier.


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