Gasoline price falls 5.5 cents to 7-week low: Energy Department

Transportation Reuters

WASHINGTON (Reuters) - Gasoline fell to its lowest level in seven weeks and diesel fuel dropped below $4 a gallon for the first time in two months, the Energy Department said on Tuesday.

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The national price for regular unleaded gasoline declined 5.5 cents over the last week to $3.79 a gallon, the department said in its weekly survey of service stations.

Diesel fuel prices fell a nickel to $3.95 a gallon, falling under the $4 threshold for the first time since April 4.

Pump prices began falling shortly after the cost of U.S. crude dropped some $16 a barrel earlier this month. Oil prices have recovered about $5, rising $2 on Monday alone on news on the shutdown of a major pipeline carrying Canadian crude to U.S. oil refineries.

Still, the full savings from the net decline in oil prices has yet to be passed on to consumers.

(Reporting by Tom Doggett; Editing by Lisa Shumaker)

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