U.S. retail gasoline prices at lowest level in 12 years

The U.S. average retail price for regular gasoline was $2.24 per gallon on August 29, the lowest price on the Monday before Labor Day since 2004, the federal government reported Friday.
That average price is 27 cents per gallon lower than the same time last year, according to the U.S. Energy Information Administration.
According to the AAA Gas Prices web site on Friday, the average price for a gallon of regular in the greater Akron area was $2.11, down from $2.32 a gallon a year ago.
Lower crude oil prices are the main factor behind falling U.S. gasoline prices, the government said. Lower crude oil prices reflect continued high global crude oil and petroleum product inventories and increased drilling activity in the United States.