Retail Gas Price Falls to $1.101 a Gallon
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Retail gasoline prices fell 0.4 cent to an average $1.101 a gallon in the week ended Monday, the Energy Department said in its latest survey of 900 filling stations.
Pump prices were down 36% from a record $1.713 a gallon in May. Driving habits and gasoline demand have changed little as the U.S. economy slowed, even as the recession helped drag down crude oil and fuel prices, analysts said. U.S. motorists are paying 35.9 cents a gallon less than they were a year ago. Prices dropped to a 21/2-year low of $1.059 a gallon Dec. 17.
The highest U.S. service station prices are on the West Coast, where a gallon of regular gasoline rose 1.2 cents to an average of $1.21 a gallon.
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