The Car and Truck Fleet and Leasing Management Magazine

Average Gasoline Price Plummets Below $2

November 29, 2008

WASHINGTON, D.C. --- For the tenth week in a row, average gasoline prices fell in all regions of the country and for the first time since March 7, 2005, the U.S. average price for regular gasoline fell below $2 a gallon.

The national average tumbled 18 cents to hit $1.892 per gallon, settling $2.222 below the all-time high set on July 7 of this year, and $1.205 lower than the price a year ago, the Energy Information Administration (EIA) said in its weekly report issued Nov. 26.

Gasoline prices also fell below $2 a gallon in four of the five major regions of the U.S. The average price on the East Coast slumped 16.1 cents to $1.953 per gallon. After falling 18.3 cents to $1.75 per gallon, the average price in the Midwest was the lowest of any region.

Although the drop of 15.1 cents on the Gulf Coast was the smallest of any region, the price of $1.805 per gallon was the lowest that region had seen since January 24, 2005. In the Rocky Mountains, the price slipped 18.6 cents to $1.847 per gallon.

The West Coast price not only fell for the 22nd consecutive week but also decreased more than any other region. The price tumbled 24 cents to $2.117 per gallon. The West Coast remained the only region above $2 a gallon. The price in California plummeted 26.2 cents, settling at $2.112 per gallon.


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