Gas Prices Fall to 4-Year Low

By Paul Riegler on 28 October 2014
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DSC_0275Across the nation, the average price of gasoline has plummeted, down $0.18 in the past week to $3.05, 40 cents less than it was over Labor Day weekend eight weeks ago, according to the U.S. Energy Information Administration.  Meanwhile, the price of diesel fuel is down $0.19 since Labor Day, to $3.63.

In many parts of the country, a gallon of regular-grade gasoline sells for under $3.00.  The lowest average price was $2.83 in the Gulf Coast, followed by $2.95 in the Lower Atlantic states and $3.05 along the entire East Coast.  The West Coast had the highest price for gas, with an average of $3.32.  Gasoline prices were down throughout the United States without exception over the past week.

Diesel prices have also fallen significantly.  The lowest average price for a gallon of diesel fuel was $3.56 on the Gulf Coast, followed by $3.55 in the Lower Atlantic states and $3.63 along the East Coast.  Diesel fuel was highest in California, where a gallon cost $3.88.  With the exception of the Midwest, diesel fuel prices fell throughout the United States over the past week and were by an average of $0.25 over the past year.

The recent drop in fuel prices mirrors a similar drop in crude oil prices over the past four months due to ample global supplies and weak demand.

(Photo: Accura Media Group)

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