U.S. gas prices continue falling

The retail price of gasoline fell for the fifth straight week to average $1.91 per gallon nationwide, the Energy Department reported Monday.

The government survey said the average price nationwide of regular-grade unleaded gasoline declined 3.4 cents last week to $1.911. Prices are 43.5 cents, or 30 percent, higher than a year ago.

Pump prices are highest on the West Coast, averaging $2.120 per gallon, and cheapest on the Gulf Coast, averaging $1.812 per gallon. In the Midwest, gas averages $1.832 per gallon.

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One of the key factors behind the high price of gasoline is the soaring cost of oil — the result of strong demand, and tight supplies of heating oil.

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The price of light crude for December delivery rose 44 cents to settle at $42.98 a barrel on the New York Mercantile Exchange. Oil is roughly 40 percent more expensive than a year ago.

In other Nymex trading, November gasoline futures were down less than a penny at $1.1296 per gallon.