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Gasoline Prices Fall Below $3 Per Gallon

November 04, 2014

Photo via Wikipedia.
Photo via Wikipedia.

The average price of a gallon of regular unleaded fell below $3 per gallon for the first time since late 2010 when it reached $2.982 per gallon on Dec. 20 of that year, according to federal data.

For the week ending Nov. 3, the national average gasoline price fell 6.3 cents to $2.993. The price is now 27.2 cents lower than it was a year ago, according to the U.S. Energy Information Administration. The price fell in all nine regions tracked by the agency with the sharpest decline coming in the West Coast region, falling 8.7 cents to $3.237 per gallon. The price is now below $3 in five of the regions. The Gulf Coast now has the cheapest gasoline at $2.769 per gallon.

For a second straight week, gasoline costs at least $3.50 per gallon in only Hawaii ($4.04) and Alaska ($3.702). Gasoline costs less than $3 per gallon in 23 states, including $2.72 in South Carolina at the nation's low.

Meanwhile, the average price of diesel fell 1.2 cents to $3.623 for the week. Diesel now costs 23.4 cents lower than it did a year ago.

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The U.S. Energy Information Administration (EIA) collects, analyzes, and disseminates independent and impartial energy information to promote sound policymaking, efficient markets, and public understanding of energy and its interaction with the economy and the environment.

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