The Car and Truck Fleet and Leasing Management Magazine

Gasoline Prices Drop Below Last Year's Levels

November 02, 2008

WASHINGTON, D.C. --- The U.S. average price for regular gasoline dropped for the sixth straight week, falling 25.8 cents to $2.656 per gallon, according to an Energy Information Administration report released Oct. 29.

After a cumulative drop of $1.179 since Sept. 15, the average price was 21.6 cents lower than a year ago and the lowest since March 26, 2007.

Average gasoline prices slipped below the levels set a year ago throughout the nation, dropping by more than 20 cents in every region.

The average price on the East Coast slumped 25.4 cents to $2.684 per gallon. The Lower Atlantic portion of the region saw prices plunge by 30 cents to hit $2.637 per gallon.

In the Midwest and Gulf Coast regions, prices sank below $2.50. In the Midwest, the price tumbled 27.2 cents to $2.497 a gallon. Dropping 27.4 cents to $2.46 per gallon, the price in the Gulf Coast remained the lowest among the regions.

The price in the Rocky Mountains dropped 27.8 cents, taking it to $2.762 per gallon -- the first time it has been below $3 a gallon since Feb. 18 of this year.

Although the price on the West Coast fell for the 18th week in a row, slipping another 22.5 cents, it remained above $3 at $3.05 per gallon. The price in California also slipped 22.5 cents to reach $3.13 per gallon.


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