WASHINGTON, D.C. --- The U.S. average price for regular gasoline fell another 25.6 cents to hit $2.40 per gallon, according to the Energy Information Administration's weekly report released Nov. 5.
Over the past seven weeks, the EIA noted, the U.S. average has plunged $1.435 and has dropped $1.714 from the all-time high set on July 7. As a result, the price is now 61.3 cents below the price a year ago and is also the lowest since Feb. 26 of 2007.
Prices fell by more than 20 cents in each of the major regions. While the average price on the East Coast slumped 23.5 cents to $2.449 per gallon, the New England portion of the region was the only area where the average price drop did not exceed 20 cents. The average price in New England dropped 19.2 cents to $2.448 per gallon, still 52.1 cents lower than the price last year at this time.
In the Midwest and Gulf Coast regions, prices sank below $2.25. In the Midwest, the price tumbled 26 cents to $2.237 a gallon. Dropping 23.2 cents to $2.228 per gallon, the price in the Gulf Coast remained the lowest among the regions.
The price in the Rocky Mountains dropped 28 cents to $2.482 per gallon, the first time it has been below $2.50 a gallon since March 19 of last year.
The price on the West Coast fell for the 19th week in a row. The price there dropped the most among all regions, plummeting 31 cents to reach $2.74 per gallon and slipping below $3 for the first time since Oct. 15, 2007. The price in California fell 34.7 cents to $2.783 per gallon, the EIA reported.