WASHINGTON, D.C. --- The U.S. average retail price for regular gasoline fell 2.4 cents to $2.788 cents per gallon, as of Oct. 1. However, the price is still 47.8 cents higher than last year, the Energy Department's Energy Information Administration (EIA) reported. All regions saw lower gasoline prices, except the West Coast where retail regular gasoline prices rose by 1.3 cents to $2.922 per gallon, the highest in the country. The average price for regular grade in California was $2.973 per gallon, up 1.2 cents from the previous week and 29.0 cents per gallon over the previous year. East Coast prices fell slightly to $2.766 per gallon, 0.3 cent less than the previous week. The largest decrease occurred in the Midwest, where prices plummeted 7.9 cents to $2.782 per gallon --- 61.3 cents per gallon above last year. The lowest regional price, in the Gulf Coast, dropped a half cent to settle at $2.700 per gallon. Rocky Mountain prices lost 0.7 cent to land at $2.810 per gallon. Retail diesel prices rose for the fifth consecutive week, settling at $3.048 per gallon. The average price was 1.6 cents more than the previous week and 50.2 cents per gallon higher than last year. All regions of the country recorded an increase in diesel prices, the EIA said. The largest rise occurred in the Rocky Mountains where the average diesel price jumped 7.2 cents to $3.100 per gallon --- the highest in the country. The East Coast saw the average diesel price increase 1.5 cents to $3.052 per gallon. The Midwest price rose 0.7 cent to $3.061 per gallon. The Gulf Coast was the only region below the $3 mark, settling at $2.975 per gallon. The West Coast diesel price rose to $3.09 per gallon, gaining 3.6 cents. California diesel prices were up 5.0 cents to $3.143 per gallon.

Originally posted on Fleet Financials