The Car and Truck Fleet and Leasing Management Magazine

Average Gasoline Prices Continue Downward Slide

September 05, 2008

WASHINGTON, D.C. --- The U.S. average retail price for regular gasoline fell for the eighth week in a row, with a decrease of 0.5 cent to $3.68 per gallon, the Energy Department reported Wednesday, Sept. 3.

However, the department's Energy Information Administration (EIA) pointed out that the five-week downward trend in prices across every major region of the country came to an end with an increase this week in the Gulf Coast.

The price on the East Coast fell by 0.3 cent to $3.631 per gallon, EIA said. The prices within the East Coast region were mixed as prices went down 1.9 cents in New England and 3.1 cents in the Central Atlantic, but increased in the Lower Atlantic by 2.4 cents.

The average price in the Midwest slid for the seventh week in a row, falling 1.4 cents to $3.673 per gallon. The price in the Gulf Coast showed the most dramatic change, rising 5.9 cents to $3.578 per gallon, reversing a six-week plunge that had shaved 45.2 cents off the price per gallon since July 14. Even with the increase, the Gulf Coast continues to have the lowest average price of any region.

The price in the Rocky Mountain region continued its downward slide for the sixth consecutive week, falling an additional 2.1 cents to $3.813 per gallon. The West Coast price fell for the tenth week in a row, dropping another 4.7 cents to $3.859 per gallon, EIA reported. That price has plummeted 60.1 cents since its all-time high set on June 23 but is still the highest average regional price in the nation. The California price fell a nickel to $3.905 per gallon.

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