The Car and Truck Fleet and Leasing Management Magazine

Gasoline Prices Plunge Below $2 in Gulf Coast, Midwest

November 19, 2008

WASHINGTON, D.C. --- For the ninth consecutive week, gasoline prices fell in all regions of the country, with the U.S. average price for regular gasoline tumbling another 15.2 cents to reach $2.072 per gallon, the Energy Information Administration (EIA) reported Nov. 19.

Not only has the U.S. average fallen $2.042 per gallon from the all-time high set on July 7 of this year, the price is now the lowest since March 14, 2005.

On a regional basis, prices dropped below $2 a gallon in both the Midwest and Gulf Coast regions. In the Gulf Coast, the average price fell 14 cents to $1.956 per gallon. In the Midwest, the price shrank 12.7 cents to hit $1.933 per gallon, the lowest of any region.

Although prices fell by more than 15 cents in each of the other three regions of the country, they remained above $2 a gallon. The average price on the East Coast slumped 15.8 cents to $2.114 per gallon. For the second consecutive week, the price in the Rocky Mountains dropped the most of any region, plunging 22.4 cents to $2.033 per gallon.

The price on the West Coast fell for the 21st week in a row, plunging 17.7 cents to reach $2.357 per gallon. The price in California fell 18.1 cents, settling at $2.374 per gallon.


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