U.S. RETAIL GASOLINE PRICES FALL

The U.S. average retail price for regular gasoline fell in late July for the first time in four weeks, decreasing by 0.8 cent per gallon as of July 28 to reach 151.6 cents per gallon, which is 10.9 cents per gallon higher than a year ago. With crude oil prices fairly stable over the last few weeks, gasoline prices have also stabilized at about 152 cents per gallon since July 14. Prices were down throughout most of the country, with the exception being the Rocky Mountain region, which saw the average price rise by 3.0 cents to end at 157.1 cents per gallon. The West Coast had the largest price decrease, falling by 1.7 cents, but still showed the highest average regional price for regular gasoline at 167.1 cents per gallon. The region with the lowest average price is the Gulf Coast, where prices for regular gasoline averaged 144.1 cents per gallon.

Retail diesel fuel prices decreased slightly in late July, inching down by 0.1 cent per gallon as of July 28 to a national average of 143.8 cents per gallon, which is 13.5 cents per gallon higher than a year ago. Retail diesel prices were down throughout most of the nation last week, but an increase of 3.3 cents per gallon in California last week raised prices there to 167.3 cents per gallon, the highest in the country. Gulf Coast retail diesel prices averaged the lowest in the country at 138.7 cents per gallon as of July 28.

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Source: Energy Information Administration, “This Week in Petroleum,” http://tonto.eia.doe.gov/oog/info/twip/twip.asp.

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