The average U.S. retail gasoline price has dropped for the fourth consecutive week, falling to 4.8 cents a gallon to $1.937, the federal government said Monday.
But average pump prices are still 44 cents a gallon higher than a year ago, according to the Energy Information Administration, the U.S. Department of Energy's analytical arm.
American drivers have seen a 13-cent drop for gasoline over the past four weeks from a record high of $2.06 a gallon.
The fall reflects declining crude oil prices, which account for almost half the cost of making gasoline. The Organization of Petroleum Exporting Countries promised to send more oil tankers to the U.S. market to replenish supplies and lower petroleum prices.
Benchmark crude oil futures prices on the New York Mercantile Exchange fell nearly 3 percent on Monday to $37.63 a barrel. The exchange's record high was $42.45 a barrel set on June 2.
The EIA's weekly gasoline report also found the retail price for cleaner-burning reformulated gasoline, sold in polluted metropolitan areas, dropped 3.8 cents to $2.072 a gallon.
Prices fell in all regions.
The West Coast had the most expensive regular unleaded gasoline, down 4.3 cents to $2.20 a gallon. San Francisco again led cities in gasoline costs, even though the price fell 4.2 cents to $2.286 per gallon.
The Midwest region had the cheapest fuel at $1.814 a gallon, down 6.8 cents from the previous week.
Among major U.S. cities, Cleveland had the best deal at $1.739 a gallon, off a whopping 10.4 cents in just one week.
Separately, the EIA survey said the average pump price for diesel fuel dropped 1.1 cents to $1.70 a gallon, but remained about 28 cents higher than a year ago.
Truckers on the West Coast paid the most at $1.959 a gallon, down 3.9 cents from the prior week. Gulf Coast states had the cheapest diesel at $1.623 a gallon, off 1.2 cents.