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Gasoline Reverses 3-Month Price Spike

May 05, 2014

Photo courtesy of Wikimedia.
Photo courtesy of Wikimedia.

The national average price of gasoline turned lower for the first time in more than three months, falling 2.9 cents to $3.684 for the week ending May 5, according to federal data.

Gasoline had climbed 42.1 cents per gallon since Feb. 3, and logged increases in 12 consecutive weeks, according to the U.S. Energy Information Administration. The price of gasoline is now 14.6 cents higher than it was a year ago.

Gasoline fell in seven of the nine regions tracked, rising in the Rocky Mountain region and West Coast not including California. The sharpest decline came in the Midwest, where it fell 6.7 cents. Gasoline remains above $3.50 per gallon in 39 of the 50 states, according to the AAA's Daily Fuel Gauge Report.

The national average price of diesel also fell for the week, dropping 1.1 cents to $3.964. The price is 11.9 cents higher than it was a year ago.

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