Gas Prices Drop to Lowest Levels Since July

Retail gasoline prices have dropped to their lowest levels since early July, with the average cost tumbling 3.1 cents to $1.504 per gallon during the first week of November, the U.S. government said.

The pump price was the highest on the West Coast, where prices fell 2 cents to an average of $1.662 a gallon.

Fuel costs nationwide peaked at a record high of $1.75 a gallon during the Labor Day holiday and have fallen 10 out of the last 11 weeks. Despite the recent declines, a weekly survey by the Energy Information Administration showed that the average U.S. pump price remained 6.5 cents a gallon higher than a year ago.

From Reuters