Gas Prices Fall 4 Cents

The Energy Department reported this afternoon that the average price of a gallon of gasoline retreated 4 cents last week to $3 a gallon.

The price of the average gallon dropped in most parts of the country, even as the West Coast and Rocky Mountain regions saw prices increase, thanks to the partial shutdown of BP's Prudhoe Bay field.

The national average price is still 18 percent above the price from a year ago ($2.55).

Today saw the price of crude oil fall by 82 cents as traders took out the premium they had built in during the active conflict between Israel and Lebanon. The final settle price for a barrel of light, sweet crude was $73.53.

The gas price report likely reflects some retail price relief as a result of the cease-fire announcement. The survey reflects pump prices on Saturday, after the U.N. agreement had been announced.

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