Gas price hits lowest since February 2004
WASHINGTON (Reuters) — The average retail price for gasoline dropped 11 cents in the last week to $1.70 a gallon, the cheapest price since February 2004, the Energy Information Administration said Monday.
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The national price for regular unleaded gasoline is down $1.30 from a year ago, the EIA said in its weekly survey of service stations.
The average price of gasoline fell in every region of the country, as economic turmoil kept cutting fuel demand.
Even with cost of gasoline declining, the American Public Transportation Association said ridership on public transit was up 6.5% in the third quarter from the same period in 2007 — the largest quarterly ridership increase in 25 years.
Gasoline was most expensive in the Central Atlantic region at $1.85, down 10.2 cents. Miami had the highest big city price at $1.87, down 15.8 cents.
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