WASHINGTON, D.C. --- The U.S. average retail price for regular gasoline fell below $3 a gallon for the first time since Christmas Eve. The price dropped to $2.977 per gallon as of Jan. 28. That's 4 cents lower than the previous week but 81.2 cents above a year ago, the Energy Department's Energy Information Administration (EIA) reported.

Prices fell throughout the country. The East Coast price dropped 3.7 cents to $3.025 per gallon. The Midwest price lost 3.6 cents to $2.922 per gallon, 84.1 cents per gallon more than last year. The lowest regional price occurred in the Gulf Coast, where a decrease of 2.9 cents brought the price to $2.875 per gallon. The Rocky Mountain price slumped 1.4 cents to settle at $2.914 per gallon.

The West Coast's average price, $3.086 per gallon, remained the highest regional price while registering the largest regional decrease of 6.9 cents. The average price for regular grade in California dropped to $3.148 per gallon, 7.8 cents less than the previous week.

The retail diesel fuel price declined 1.1 cents to $3.259 per gallon, 84.6 cents higher than last year. All regional diesel prices were lower, except in the Rocky Mountains where a 0.7 cent increase brought the price to $3.236 per gallon. The East Coast diesel price fell by 1.6 cents to $3.327 per gallon, again the highest regional price. The lowest regional diesel price of $3.218 per gallon occurred in both the Midwest and the Gulf Coast regions, with declines of 1 cent and 0.4 cent, respectively. The West Coast diesel price dropped 2.6 cents to settle at $3.301 per gallon. California prices lost 1.4 cents to hit $3.346 per gallon.

Originally posted on Fleet Financials