Reuters AlertNet Lite - US gasoline price dips to $3.21/gallon -Govt

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US gasoline price dips to $3.21/gallon -Govt

29 May 2007 20:18:31 GMT
Source: Reuters

WASHINGTON, May 29 (Reuters) - After hitting record highs for two weeks in a row, the U.S. average retail price for gasoline fell almost a penny, the government said on Tuesday.

The national price for regular unleaded gasoline dropped 0.9 cent over the last week to $3.21 a gallon, still up 34 cents from a year ago, according to the federal Energy Information Administration's nationwide survey of service stations.

The latest pump price is off the all-time high fuel cost of $3.29 a gallon, when adjusted for inflation in 2007 dollars, reached in March 1981 during the war between Iran and Iraq, the EIA said.

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Last updated:Tue May 29 20:19:29 2007