The Car and Truck Fleet and Leasing Management Magazine

Gasoline, Diesel Prices Continue Downward Slide

September 02, 2008

WASHINGTON, D.C. --- An Energy Department report released Wednesday, Aug. 27, revealed that the U.S. average price of gasoline dropped 5.5 cents to $3.685 per gallon during the preceding week. That represents a cumulative seven-week tumble of 42.9 cents from the all-time high of $4.114 per gallon reached July 7, the Energy Department's Energy Information Administration (EIA) said last week.

The price on the East Coast sank 6.7 cents to $3.634 per gallon. Once again, the smallest drop of any region occurred in the Midwest, where the price dipped just 2.1 cents to $3.687 per gallon. The price in the Gulf Coast remained the lowest of any region, plunging 8 cents to $3.519 per gallon. Even so, that price was still 86.7 cents higher than it was a year ago.

The price in the Rocky Mountain region slid 5.4 cents to $3.834 per gallon. The West Coast price fell for the ninth week in a row, dropping another 7.4 cents to $3.906 per gallon. That price has plunged more than 55 cents since its all-time high set on June 23 but is still the highest average regional price in the nation. The average price in California fell another 8.2 cents to $3.955 per gallon, dipping below $4 for the first time since May 19.

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