Huffpost Money

Gas Prices Drop For Third Straight Week

Posted: Updated:



WASHINGTON, April 23 (Reuters) - U.S. gasoline prices dropped for a third straight week and marked the first year-on-year decline since October 2009, the Energy Department said on Mo nday.

The national average price for U.S. regular gasoline fell to $3.87 a gallon in the week ended Monday, down more than 5 cents from the previous week, the Energy Information Administration said in its weekly survey of service stations.

Surging fuel prices have become a hot button on the campaign trail this election year, as Republicans sought to place blame on the White House.

But a drop in the cost of oil has stymied gasoline's climb toward $4 a gallon ahead of the summer driving season.

Gasoline fell nearly a penny from a year earlier. Prices have gone up and down on weekly terms since 2009, but the past week saw the first year-on-year decline over that period.

Sunoco said on Monday it would delay shuttering the largest refinery on the U.S. East Coast, easing fears of a fuel shortage in that region this summer. Sunoco is in talks with private equity firm Carlyle Group LP on a potential joint venture to run the plant.

The East Coast has been threatened with the loss of three refineries due to poor margins, raising concerns about a potential shortfall and helping to drive up prices.

Additional relief could come from a potential deal for Delta Air Lines to buy ConocoPhillips' refinery in Trainer, Pennsylvania.

Around the Web

Gas Prices Drop Slightly | NBC4 Washington

Gas survey reports its first price drop of the year - CNN.com

Finally! Gas prices drop for first time in 2012 - NYPOST.com

U.S. gas prices see first drop since December; Chicago still highest ...

Syracuse gas prices drop a couple of cents in past week | syracuse ...

Massachusetts gas prices drop 4 cents - Yahoo! News

Maine gas prices drop by nearly a nickel - CBS News

Gas prices drop slightly in Middle Tennessee - WKRN, Nashville ...

Ohio Gas Prices Drop | Ohio News Network Columbus, Ohio