U.S. gasoline price falls from 15-month high

Financier T. Boone Pickens speaks at Thomson Reuters in New York January 19, 2010. Texas oil tycoon Pickens said on Tuesday U.S. natural gas prices were unlikely to "run away" in 2010 but that he was long on the fuel after this year as the economy picks up.

After soaring to the highest level in 15 months, U.S. gasoline prices fell over the past week on cheaper crude oil costs, the Energy Department said on Tuesday.

The national average price for regular unleaded gasoline declined 1.2 cents during the week to $2.74 a gallon, which was still up 89 cents from a year earlier, the department's Energy Information Administration said in its weekly survey of service stations.

Cheaper gasoline mirrored the drop in crude oil prices, which fell below $80 a barrel last week. The price of oil makes up more than half the cost for gasoline.

However, the EIA has said it still expects the pump price to top $3 a gallon nationwide at times this spring and summer, the heaviest driving seasons.

In its weekly price survey, the EIA found the West Coast had the most expensive gasoline at $2.95 a gallon, down 1.3 cents. By city, Los Angeles had the highest price at $3.07, down 3.2 cents.

The Rocky Mountain and Gulf Coast states had the lowest regional price at $2.62 a gallon each, up 3.9 cents and 0.1 cent, respectively. Denver had the cheapest city pump price at $2.54, up 2.3 cents.

The agency also said gasoline prices were up 0.5 cent at $2.88 in Seattle; down 3.8 cents at $2.85 in Chicago; down 0.2 cent at $2.85 in Miami; up 1.1 cents at $2.77 in New York; up 1.9 cents at $2.72 in Boston; down 7.8 cents at $2.70 in Cleveland and down 2 cents at $2.56 in Houston.

Separately, the average price for diesel fuel fell almost a penny to $2.87 a gallon, 57 cents more than a year ago, the EIA said.

The New England region had the most expensive diesel at $3.07 a gallon, down 0.3 cent. The Rocky Mountain states had the cheapest diesel fuel at $2.83, up 1.3 cents.

via U.S. gasoline price falls from 15-month high: report - Yahoo! News.