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DOE: Avg Gasoline Price Lowest Since Mid-March

By Reuters
Published | Updated

WASHINGTON – U.S. retail gasoline prices declined for the seventh straight week, dropping to the lowest level since mid-March, the government said on Tuesday.

The national price for regular unleaded gasoline fell 2.8 cents over the past week to $2.10 a gallon, according to a weekly survey of service stations by the Energy Information Administration (search). The latest week's price was still up 5 cents from a year ago.

President Bush on Tuesday again urged Congress to send him by its August recess a final energy bill that he said would boost domestic petroleum supplies and lower gasoline costs.

"We have grown more dependent on foreign sources of energy. And consumers see the consequences of that at the gas pump on a daily basis," Bush told reporters.

Gasoline prices, while still high by historic standards, have fallen seven weeks in a row amid a build in U.S. motor fuel stocks and lower crude prices.

In the weekly EIA survey, the West Coast had the most expensive regular unleaded gasoline, with the price down 4.2 cents to $2.36 a gallon. San Francisco topped the EIA's survey of cities, with the price of gasoline down 7.3 cents at $2.43 a gallon.

The Gulf Coast states (search) had the cheapest fuel, with the price down 2.6 cents at $2 per gallon. Among major cities, Houston had the cheapest pump price, with fuel down 1.9 cents at $1.96 a gallon.

The EIA report also showed prices, rounded to the nearest penny, were down 2.5 cents at $2.41 in Los Angeles; down 5.9 cents at $2.33 in Seattle; down 1.2 cents at $2.25 in Miami; down 1.8 cents at $2.16 in New York City, down 3.1 cents at $2.11 in Chicago; down 3.7 cents at $2.10 in Boston and down 3.2 cents at $2.07 in Denver.

Separately, the price for diesel fuel increased a slight 0.4 cent to $2.16 a gallon, the first rise in 5 weeks and 41 cents higher from last year, the EIA said.

Truckers in New England paid the most for diesel at $2.32 a gallon, down 1.8 cents from last week. The Midwest states had the cheapest diesel at $2.11 a gallon, up 1.4 cents.