The national average price of regular-grade gasoline fell to $1.49 per gallon on May 12, according to price data released by the Energy Information Adminstration (EIA). The average price of gas has dropped for eight consecutive weeks since hitting a 2003 high of $1.73 on March 17, a decline of 24 cents per gallon over the two-month period. Retail gasoline prices have declined recently due to reduced crude oil prices, according to the EIA. The agency earlier forecast a summer (April-Sept.) national average of $1.56 per gallon, which means that unless that forecast is revised, prices might rise again at some point during the next several months.

Originally posted on Fleet Financials