U.S. gasoline price drops to 6-week low: US gov't

By Tom Doggett

WASHINGTON, July 13 (Reuters) - U.S. retail gasoline prices fell for the fourth week in a row, dropping to the lowest level in six weeks, the U.S. Energy Department said on Monday, as cheaper crude oil costs were passed onto consumers at the pump.

The national price for regular unleaded gasoline declined 8.4 cents over the last week to $2.53 gallon, down $1.59 from a year ago when gasoline stood at a record $4.11 a gallon, the department's Energy Information Administration said in its weekly survey of service stations.

The latest pump price is the cheapest since June 1, and reflects falling crude oil prices that make up more than half the cost of making gasoline.

U.S. oil fell to a two-month low of $58.32 a barrel in futures trading on Monday at the New York Mercantile Exchange on concerns over the slow recovery of the global economy.

In the United States, recent government data shows that June's unemployment rate soared to 9.5 percent, the highest since 1983.

More people out of work means less vacation travel by highway and lower fuel consumption.

In its latest weekly price survey, the EIA found the West Coast had the most expensive gasoline at $2.82 a gallon, down 7 cents from last week. By city, Los Angeles had the highest price at $2.91, up 5 cents.

The Gulf Coast states had the lowest regional price at $2.39 a gallon, down 8 cents. Houston had the cheapest city pump price at $2.32, down 6 cents.