Gasoline Price Drops 8 Cents
August 5, 2007
• by Staff
WASHINGTON, D.C. --- The U.S. average retail price for regular gasoline dropped 8.2 cents to hit $2.876 per gallon, as of July 30. That's 12.8 cents lower than last year, the Energy Department's Energy Information Administration (EIA) reported.
Prices fell for the second straight week, reaching the lowest national average price since April 23 of this year. All regions recorded price declines and all major regions were under the $3 mark for the first time since March 19, the EIA said.
East Coast prices fell 5.4 cents to $2.870 per gallon. Midwest region prices decreased 13.6 cents this week to $2.848 per gallon, for a total drop of 32.4 cents per gallon in the past two weeks. Prices for the Gulf Coast were down 7.5 cents, settling at $2.792 per gallon, the lowest in the country.
In the Rocky Mountain region, gasoline prices were $2.984 per gallon, down 5.4 cents but 4.5 cents per gallon above last year. West Coast prices, highest in the nation, decreased 5.4 cents to $2.997 per gallon. The average price for regular grade in California was 5.8 cents lower at $3.060 per gallon.
Retail diesel prices were slightly lower at $2.886 per gallon, 0.3 cent less than the previous week's price. Diesel prices were 9.4 cents per gallon lower than at this time last year.
Regional diesel prices were mixed, with East Coast prices dropping by 1.3 cents to $2.847 per gallon. In the Midwest, diesel prices rose 0.3 cent to $2.885 per gallon, while the Gulf Coast saw a decline of 0.7 cent to $2.808 per gallon. The Rocky Mountain region gained 1.5 cents, to settle at $3.003 per gallon. The West Coast diesel price dropped 0.3 cent to $3.058 per gallon. California diesel prices also fell, by 0.6 cent, to $3.152 per gallon --- 5.9 cents per gallon higher than at this time last year.
Originally posted on Fleet Financials