Gas Price Slips for First Time in 4 Weeks

The average U.S. retail price for regular-grade gasoline fell for the first time in four weeks, declining 0.8 cent to $1.516 a gallon, the Energy Department said.

Prices dropped in all regions except the Rocky Mountains, with declines led by the Midwest and West Coast, the government said in a weekly report. The nationwide average, for the week ended Monday, was down from a three-month high the previous week and down 12% from a record $1.728 in March.

Although prices are up from last summer, the U.S. has had few lengthy refinery shutdowns that may have disrupted supplies and sent prices even higher. Pump prices may hold near current levels for much of the rest of the summer, retailers said.

The nationwide price, based on a survey of about 900 filling stations in 50 states, was up 7.7% from $1.407 a gallon a year ago, Energy Department data showed. U.S. gasoline averaged $1.392 from June through August last year.