U.S. Energy Information Administration said the U.S. average retail price of regular gasoline fell below $3 per gallon Dec. 1. According to data from its Gasoline and Diesel Fuel Update, EIA said the average price fell to $2.98 per gallon – the lowest since February 2021 adjusted for inflation.
EIA said the falling price of crude oil, which typically accounts for about half the retail price of gasoline, led to the drop in the price consumers pay for gasoline. Prices vary by region, including a low of $2.55 per gallon in Gulf Coast region to $4.03 per gallon in the West Coast region.
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