Gasoline Prices Drop Again

WASHINGTON, D.C. --- The U.S. average retail price for regular gasoline fell for the fourth week in a row, losing another 7.5 cents to hit $3.88 per gallon and tumbling 23.4 cents from the all-time high set on July 7, according to an Energy Department report released Aug. 6.

On the East Coast, the average price dropped 7.2 cents to $3.888 per gallon, the department's Energy Information Administration (EIA) reported. The price in the Midwest went down 5.5 cents to $3.772 per gallon and, although that price was 94.4 cents higher than a year ago, the Midwest was the only region where the one-year price differential was less than a dollar.

With a drop of 9.1 cents to $3.766 per gallon, the Gulf Coast price slipped to the lowest of any region. For the second week in a row, the price in the Rocky Mountain region decreased the least of any region, falling 5.4 cents to $4.006 per gallon.

The West Coast price declined 10.5 cents to $4.14 per gallon, down 32 cents from the all-time high set on June 23. The average price in California plunged 11.2 cents to $4.205 per gallon, the EIA reported.