The Car and Truck Fleet and Leasing Management Magazine

Retail Gas Price Falls for Second Week

June 15, 2004

U.S. drivers found more relief at the pumps as gasoline prices fell for a second straight week, the government said on June 7, as reported by Reuters. The national price for regular unleaded gasoline declined 1.7 cents over the last week to $2.034 a gallon, according to the U.S. Energy Information Administration's weekly survey of service stations. The price for gasoline has fallen 3 cents from its all-time high reached two weeks ago, but is still up 54 cents from a year ago. Lower motor fuel costs mirrored a drop in crude oil prices last week. Those savings were passed on to consumers at the pump, as oil accounts for almost half the cost of making gasoline. The Energy Department's analytical arm said gasoline prices may fall below $2 a gallon in the coming weeks as additional oil from Saudi Arabia and other OPEC members begins arriving in the U.S. market and crude inventories rise. The agency's weekly survey also showed the retail price for cleaner-burning reformulated gasoline, sold in polluted metropolitan areas, dropped a penny to $2.14 a gallon. The West Coast had the most expensive regular unleaded gasoline, with the price down 1.5 cents to $2.276 a gallon. San Francisco topped the agency's city survey of gasoline costs, as the price dropped a slight 0.1 cent to $2.348 per gallon. The U.S. Gulf Coast had the cheapest fuel by region, with the price down 1.5 cents at $1.91 per gallon. Houston had the best buy at the pump at $1.88 a gallon, off 0.1 cent. The weekly report also showed gasoline prices were down 2.5 cents at $2.278 in Seattle, off 0.7 cent at $2.134 in New York City, down 2.7 cents at $2.109 in Chicago, off 0.7 cent at $2.09 in Miami and up 2.5 cents at $1.987 in Cleveland. Separately, the EIA survey said the average pump price for diesel fuel fell 1.2 cents to $1.734 a gallon, but was up 31 cents from a year ago. Diesel users on the West Coast paid the most for diesel fuel at $2.063 a gallon, down 4.2 cents from the prior week. The lower Atlantic states had the cheapest diesel at $1.649 a gallon, off 0.6 cent.
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