Gasoline price falls for fourth week

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By Jasmin Melvin

By Jasmin Melvin

Prices at the pump eased for U.S. drivers for the fourth week in a row amid lower crude oil prices, the U.S. Energy Department said on Tuesday.

The national average price for regular unleaded gasoline fell 2.5 cents during the last week to $2.59 a gallon, down $1.06 from a year ago, the department's Energy Information Administration said in its weekly survey of service stations.

Crude oil accounts for about 60 percent of the cost of making gasoline. Drops or hikes in the price of crude are generally reflected at the pump a few weeks after they occur.

Falling crude oil prices in past weeks have allowed refiners to pass on their savings to consumers filling up at the pump.

The EIA found the West Coast had the most expensive gasoline at $3.00 a gallon, up 4.5 cents. By city, San Francisco had the highest price at $3.13, up 5.9 cents.

The Gulf Coast states had the lowest regional price at $2.41 a gallon, down 5.4 cents. Houston had the cheapest city pump price at $2.34, down 8.1 cents.

The agency also said gasoline prices were up 8.4 cents at $3.11 in Los Angeles; up 4.2 cents at $2.93 in Seattle; down 0.9 cent at $2.68 in New York; down 4.6 cents at $2.64 in Miami; down 5.3 cents at $2.63 in Chicago; down 1.6 cents at $2.60 in Boston; down 3.7 cents at $2.49 in Cleveland; and down 2.1 cents at $2.48 in Denver.

Separately, the average price for diesel fuel was down 2.7 cents to $2.65 a gallon, the first weekly decline in price in over a month.

Diesel prices are down $1.41 from a year ago, the EIA said.

The West Coast had the most expensive diesel at $2.79 a gallon, down 1.6 cents. The Gulf Coast region had the cheapest diesel fuel at $2.58, down 4.3 cents.

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