Prices at Gas Pump Sink to Seven-Month Low

U.S. drivers continued to find more savings at the pump, as the price for gasoline fell to the lowest level since February, the government said on Monday.

The national price for regular unleaded gasoline dropped 6.8 cents over the past week to $2.31 a gallon, according to the Energy Information Administration's weekly survey of service stations.

That's down 62 cents from a year ago and the lowest price since Feb. 27. Since hitting a summer high of $3.04 a gallon in early August, the pump price has fallen 73 cents in the past eight weeks.

The Energy Department's forecasting arms says gasoline could hit $2.15 in the next few weeks, though prices at many stations around the country already have crashed through the $2-a-gallon level.

Pump prices are down because of cheaper crude oil, which accounts for about half the cost of making gasoline. Oil fell nearly $2 on Monday to settle at $61.03 a barrel at the New York Mercantile Exchange.

Separately, the EIA said the price paid for diesel fuel dropped 4.9 cents to $2.55 a gallon, down 60 cents from a year ago and the lowest since March 13.

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