Average Gasoline Price Slips Below $3

WASHINGTON, D.C. --- The U.S. average price for regular gasoline plunged another 23.7 cents to slip below $3 for the first time since Feb. 11, the Energy Information Administration (EIA) said in its weekly report  Oct. 22.

At $2.914 per gallon, the price was the lowest since Oct. 29, 2007 and 9.1 cents above the price this time last year, EIA said. The national average price has fallen for five weeks in a row, with a cumulative drop of more than 92 cents per gallon over this period, and a total of a $1.20 per-gallon drop since the all-time high of $4.114 per gallon set on July 7.

Prices were sharply lower in all regions of the country. The average price on the East Coast declined the most among the five regions, falling 28.5 cents to $2.938 per gallon. The Lower Atlantic portion of the region plunged by 35.1 cents to hit $2.937 per gallon. In the Midwest, the average price tumbled 22.3 cents to $2.769 a gallon. The price decreased 25.6 cents in the Gulf Coast to $2.734 per gallon, the lowest average price among the major regions.

Although the price in the Rocky Mountains fell 22.8 cents, it remained above $3 at $3.04 per gallon. Dropping for the 17th week in a row, the price on the West Coast dipped 14.6 cents to $3.275 per gallon. The price in California slipped 11.5 cents to reach $3.355 per gallon, EIA said.