Americans are paying less at the gas pump this week according to an Energy Information Administration report released Monday.
The national average price for regular gasoline clocked in at $3.593 per gallon, down $0.042 from a week ago and $0.089 below the same time last year. The Gulf Coast region enjoyed the largest dip ($0.046), while Rocky Mountain prices barely budged, edging down just $0.004 per gallon.
According to AAA, this latest price decline comes in spite of rising geopolitical tension. While the Israeli-Palestinian conflict rages on and Malaysian Airlines Flight 17's Ukrainian crash sparked international tension, oil markets remain unfazed by both international issues because there has not been an impact to supply or distribution, said AAA. It also noted that domestic refinery utilization reached its highest level of the year last week, which helped push gas prices lower.
Diesel prices followed gasoline's lead with a $0.025 dip over the past week to $3.869 per gallon. This latest price tag puts diesel $0.034 per gallon below its price the same time last year. East Coast prices fell the most ($0.033), while Rocky Mountain residents missed out again with a relatively minor $0.007 decline.
At these latest prices, the West Coast pays the prettiest penny for gasoline ($3.957) and diesel ($4.026), while the Gulf Coast can guzzle gas for just $3.394 and diesel for $3.773 per gallon.