Fuel Prices Down for Fourth Straight Week

Average gas price down 5 cents and diesel decreased by a cent this week.

August 01, 2014

WASHINGTON – The U.S. average retail price of regular gasoline decreased 5 cents this week to $3.54 per gallon as of July 28, 11 cents per gallon lower than this time last year, according to this week’s report from the U.S. Energy Information Administration.

The national average price has fallen for four consecutive weeks, and is now the lowest since early March. Prices declined in all areas of the country except the Rocky Mountains, where the average increased half a cent to $3.65 per gallon. The Midwest price declined the most, nine cents, to $3.41 per gallon. The East Coast and Gulf Coast prices each declined five cents, to $3.54 per gallon and $3.35 per gallon, respectively. The West Coast price decreased four cents to $3.92 per gallon.

The national average diesel fuel price decreased a cent this week to $3.86 per gallon, six cents less than the same time last year, and the lowest since November 2013. Prices dropped in all regions, with the East Coast experiencing the largest decline, two cents, to $3.91 per gallon. The Midwest, Gulf Coast, and West Coast each fell one cent, to $3.80 per gallon, $3.77 per gallon, and $4.02 per gallon, respectively. The Rocky Mountain price decreased less than a penny to remain at $3.89 per gallon for a second week.

The EIA also noted in its report this week that, unlike in recent years, global growth in the use of gasoline is outpacing diesel in 2014. At the same time, new refining capacity engineered to produce more distillate than gasoline is coming online in 2014. These two factors may be temporarily leading to a tighter global gasoline market than was expected at the beginning of the year.

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