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Gas prices continue to fall Associated Press WASHINGTON (AP) � The average retail price of gasoline fell for the fourth week in a row to $1.937 per gallon, its lowest level since May 3, the government reported yesterday. The nationwide pump price for regular unleaded gasoline dropped by 4.8 cents, but prices still remain 44.1 cents above year-ago levels, according to the Energy Department�s statistical arm, the Energy Information Administration. The biggest declines were registered in the Midwest, where prices fell by 6.8 cents. Fuel costs are highest on the West Coast, where prices average $2.20 per gallon. The major factors underpinning today�s high gasoline prices are strong demand, tight refining capacity and expensive crude oil. Yesterday, crude futures on the New York Mercantile Exchange fell $1.12 to settle at $37.63 a barrel. Oil prices have trended lower since OPEC said earlier this month it would increase its production quota. However, fears about possible supply disruptions in the Middle East have added a premium of at least $5 per barrel, analysts say. Diesel fuel prices also declined last week, the EIA reported, falling 1.1 cent to $1.70 per gallon. Add a comment  |
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