Gasoline prices fell to their lowest levels in the U.S. since July 1999 as consumers continue to cash in on a glut of petroleum supplies, the Department of Energy reported on Nov. 26.
The average price for regular unleaded gasoline fell 4 cents a gallon over the last week to $1.127, down 38 cents from a year ago and the lowest level for any weekly period since early July 1999.
The sharp drop in fuel prices is the result of lower overall petroleum demand from the slowing U.S. economy, plentiful gasoline supplies and cheaper crude oil, according to industry analysts.
Since the Sept. 11 terrorist attacks on New York City and Washington, D.C., the price of gasoline has fallen 40 cents a gallon and crude oil has dropped $10 a barrel.
The West Coast continued to have the most expensive fuel in the nation, although prices in the region fell 4.1 cents a gallon to $1.305.
Motorists in the lower Atlantic states again had the cheapest gasoline. Prices in that region were down 3.4 cents to $1.023 a gallon.
San Francisco kept the dubious honor of having the most expensive gasoline in the nation, although gas prices fell 4.8 cents from a week ago to $1.526 a gallon. Houston had the best deal at the pump, with fuel down 4.4 cents to $1.004 a gallon.
The report also showed gasoline prices in New York City down 2.7 cents to $1.220; down 3.8 cents in Los Angeles to $1.145; and down 5.9 cents in Chicago to $1.181.
Separately, the nationwide price for diesel fuel fell 2.9 cents to $1.223 a gallon, down 42 cents from a year ago and the lowest level since mid-September 1999.
Truckers in New England paid the most for diesel fuel at $1.339 a gallon, down 1.7 cents. The lower Atlantic states had the cheapest diesel at $1.163 a gallon, down 2.6 cents.