Operations

Gasoline Prices Drop to Lowest Level in 14 Weeks

Posted on August 20, 2008 by LCT Staff - Also by this author - About the author

WASHINGTON, D.C. — The average retail price for gasoline fell to its lowest level in 14 weeks, as cheaper crude oil costs are passed on to the pump and Americans drive less, the government said Monday. The national price for regular unleaded gasoline declined 6.9 cents over the last week to $3.74 a gallon, the federal Energy Information Administration said in its weekly survey of service stations. Gasoline is the cheapest since May 12, but still 96 cents a gallon higher than a year ago.

Fuel prices are falling because of cheaper crude oil, which is down $35 from its record high of $147 a barrel last month. In addition, U.S. gasoline demand is off by 1.6% so far this year, as high fuel costs and a weak economy discouraged Americans from taking to the roads.

Since last November, U.S. motorists had driven 53.2 billion fewer miles through June than they did during the same period a year earlier, according to the Transportation Department.

Gasoline is now below $4 a gallon, on average, in every region of the country, including California where fuel costs are usually the highest.

In the EIA's weekly survey, gasoline was the most expensive on the West Coast at $3.98 a gallon, down 7.7 cents. San Francisco had the highest big city price at $4.11, down 7.3 cents.

The Gulf Coast had the lowest regional price at $3.60 a gallon, down 8.6 cents. Houston had the lowest pump price, down 10.5 cents at $3.53.

The EIA also reported gasoline prices were up 2.7 cents at $4.03 in Chicago, down 7.9 cents at $4.03 in Los Angeles, down 7.2 cents at $3.94 in Seattle, down 6.1 cents at $3.80 in Denver, down 7 cents at $3.85 in Miami, down 13.1 cents at $3.76 in New York City, down 12.1 cents at $3.66 in Boston, and down 2.8 cents at $3.65 in Cleveland. Separately, the average price for diesel fuel dropped 14.6 cents to $4.21 a gallon, the lowest since May 5, but $1.34 higher than a year ago, the EIA said.

The New England states had the most expensive diesel at $4.42 a gallon, down 16.2 cents. The Midwest had the cheapest fuel at $4.13, down 13.7 cents.

Source: Reuters

View comments or post a comment on this story. (0 Comments)

More News

Colorado Operator Engages Industry And Clients

Mo Tazi of Mt. Limousine LLC doesn’t take a backseat with trade group involvement or treating affiliate passengers like VIPs.

Rhode Island Operation Buys Wedding Trolley Service

Operator John Olinger of ROCKSTAR LIMO / O2 Global plans to grow the fleet of Kenny's Coach and Trolleys.

Sister Duo Absorbs What Industry Offers

eNews Exclusive: Briana and Chelsea Candeub of Park Avenue Limousine have learned the importance of never letting educational opportunities pass them by.

Luxury Travel Trends Disrupting The Industry

Brands can no longer rely on low-hanging fruit. Instead, they need to implement differentiating strategies to succeed going forward.

Chosen Payments Assists Operator Who Was Scammed

A suspect used a mobile app to place ride orders directly into a New Jersey company's software system.

See More News

Facebook Comments ()

Comments (0)

Post a Comment

Submit

Blog

See More

LCT Store

LCT Magazine - March 2017 $12.95 INT'L LCT SHOW ISSUE COVER STORY: * Innovate or Die: Show To Be a Business "Disrupter" * *



Connect

Experience the three annual industry events for networking for business, showcasing vehicles and products, and getting the tools for success.

Read About Your Region

What’s Happening Near You?
Click on any state to see the latest industry news and events in that region.

More From The World's Largest Fleet Publisher

Automotive Fleet

The Car and truck fleet and leasing management magazine

Business Fleet

managing 10-50 company vehicles

Fleet Financials

Executive vehicle management

Government Fleet

managing public sector vehicles & equipment

TruckingInfo.com

THE COMMERCIAL TRUCK INDUSTRY’S MOST IN-DEPTH INFORMATION SOURCE

Work Truck Magazine

The number 1 resource for vocational truck fleets

Metro Magazine

Serving the bus and passenger rail industries for more than a century

Schoolbus Fleet

Serving school transportation professionals in the U.S. and Canada

Please sign in or register to .    Close