Gasoline prices flat at national average of $2.165 a gallon

NEW YORK (AP) _ The price of gasoline held steady last week at an average of about $2.16 a gallon nationwide, following a five-week decline of nearly 18 cents. <br/><br/>The U.S. Energy Information Administration

Monday, January 29th 2007, 4:40 pm

By: News On 6

NEW YORK (AP) _ The price of gasoline held steady last week at an average of about $2.16 a gallon nationwide, following a five-week decline of nearly 18 cents.

The U.S. Energy Information Administration reported late Monday that motorists paid $2.165 a gallon on average for regular grade gasoline last week, the same price as in the prior week.

Retail gasoline prices are about 18 cents lower than they were at this time last year.

Prices fell the most last week on the West Coast, dropping by 5 cents to $2.506 a gallon. That region's gasoline is still the most expensive, however. Gasoline was cheapest last week on the Gulf Coast, where a gallon of regular cost $2.062, up more than 6 cents from the previous week.

The price of crude oil, which makes up about half the cost of a gallon of gasoline, has fallen about $24, or 31 percent, since peaking above $78 a barrel in July and driving gasoline prices above $3 a gallon last summer.

The February crude contract on Monday fell $1.41 to settle at $54.01 a barrel Monday on the New York Mercantile Exchange, while gasoline futures fell 4.24 cents to settle at $1.441 a gallon.