The Car and Truck Fleet and Leasing Management Magazine

Aug. 20 Report: Gasoline Drops Nearly 7 Cents a Gallon

August 21, 2008

WASHINGTON, D.C. --- The U.S. average retail price for regular gasoline fell for the sixth week in a row, dropping another 6.9 cents, according to a weekly report from the Energy Department issued Aug. 20.

At $3.74 per gallon, the U.S. average price has plunged a total of 37.4 cents from the July 7 all-time high of $4.114 per gallon, the department's Energy Information Administration (EIA) reported.

Once again, the price on the East Coast dropped more than any other region, falling 9.8 cents to $3.701 per gallon. The smallest drop of any region occurred in the Midwest, where the price slid just 2.3 cents to $3.708 per gallon.

The price on the Gulf Coast remained the lowest of any region, dropping another 8.6 cents to $3.599 per gallon. The Gulf Coast has had the lowest price of any region every week but one since May 26 and was down by more than 37 cents from its all-time high of $3.971 set on July 14.

The price in the Rocky Mountain region dropped 6.5 cents to $3.888 per gallon. The West Coast price fell for the eighth consecutive week, dropping another 7.7 cents to land at $3.98 per gallon. The price moved below $4 for the first time since May 19, representing a cumulative plunge of 48 cents from the all-time high set on June 23. The average price in California retreated another 8.1 cents during the week to average $4.037 per gallon, the EIA reported. 

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