According to the department’s Energy Information Administration, the price fell 1.9 cents to $1.291, the lowest if has been since it reached $1.277 in December 1999. The price has fallen 23.6 cents since September 17, the first report after the terrorist attacks on New York and Washington.
The price at the pump ranges from $1.222 in the Lower Atlantic Region to $1.428 in California. The Gulf Coast ($1.226) and East Coast ($1.272) also posted prices under $1.30, which is the level reported in the Midwest.
The price of gasoline also fell last week, 2.9 cents a gallon to $1.206 for the week.
According to news sources, OPEC may vote next week to cut production by as much as 1.4-million barrels a day to stabilize world oil prices. A one-million barrel per day cut had been anticipated.
