U.S. motorists will spend less money at the pump as gasoline prices fell to $1.465 cents a gallon during the last week, the lowest since late January, the U.S. government said on Monday.
Gasoline prices have declined 14 of the last 16 weeks for a total drop of 28.2 cents since posting a record high of $1.747 cents a gallon before the Labor Day holiday weekend in August.
Despite the downward trend, a weekly survey of service stations by the Energy Information Administration (EIA) showed the average U.S. pump price remained 10.2 cents a gallon higher than a year ago.
This week's drop left gasoline prices in some parts of the United States at their lowest mark since January 20 when they averaged $1.459 cents a gallon. Pump prices tend to fall during the fourth quarter of the year as demand eases following the busy summer driving season.
The average U.S. pump price was the highest on the West Coast, where prices fell 2.6 cents to an average of $1.604 per gallon, the EIA said.
The U.S. Gulf Coast again had the cheapest gasoline last week, falling 0.5 cents to $1.382 a gallon.
Among the 10 major urban areas highlighted by the EIA, Houston pump prices were the cheapest at $1.335 per gallon, down 0.4 cents. Los Angeles was the most expensive city even though prices fell 2.3 cents to $1.650 per gallon.
The national price for cleaner-burning reformulated gasoline, sold at about one-third of the gas stations in cities and smoggier areas, fell 1.7 cents to $1.532 a gallon.
U.S. diesel prices rose 0.5 cents to an average $1.486 per gallon last week, the EIA said. The average cost for a gallon of diesel is 8.5 cents per gallon more expensive than one year ago.
Crude oil prices account for 42 percent of the cost of gasoline.