Gas prices fall for 3rd week

By Reuters
Posted July 12, 2010 at 4:38 p.m.

U.S. gasoline prices fell for the third week in a row, reaching $2.72 a gallon, the Energy Department said on Monday.

The national average price for regular unleaded gasoline shed almost 1 cent over the last week as all but one region reported a decline in motor fuel price, the department’s Energy Information Administration said in its weekly survey of service stations.

Although drivers still leave at the pump 19 cents more per gallon than a year ago, the price of gas is still roughly half of what it was two years ago when it reached the record price of $4.11 a gallon.

The only region reporting an increase in gasoline prices is the Midwest, where the price went up by less than half a penny to $2.68. The EIA weekly price survey shows the most expensive gasoline is on the West Coast at $3.04 a gallon, down from $3.05 last week. By city, San Francisco continues to see the highest price at the pump at $3.15, down 1.1 cents.

Gulf Coast states registered the lowest regional price at $2.56 a gallon, down 1.6 cents. The cheapest city gas price is once again in Houston at $2.49, down 3 cents.

The agency also said gasoline prices grew 5.9 cents to $2.73 in Cleveland and 0.1 cents to $2.97 in Seattle, going down 3.8 cents to $2.75 in Miami; down 1.3 cents to $2.63 in Denver; down 1 cent to $2.76 in New York City; down 0.7 cents to $2.85 in Chicago; down 0.3 cents to $2.68 in Boston; and down 0.3 cents to $3.12 in Los Angeles.

Separately, the average price for diesel fuel in the United States fell 2.6 cents to $2.9 a gallon, up 36 cents from a year ago, the EIA reported.

Mirroring gasoline prices, the West Coast continues to consume the most expensive diesel at $3.06, down 2 cents. The Gulf Coast also remains the region with the cheapest diesel fuel at $2.86, down almost 1 cent.

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