Gas prices will fall about 25 cents a gallon at Army and Air Force Exchange Service locations in Europe on Saturday, leaving a gallon of regular about $1.09 cheaper than it was four weeks ago.
It’s the seventh straight week prices have dropped at the exchange in response to plunging stateside fuel costs, and the cost of a fill-up is now about 40 percent cheaper than when prices peaked in July.
Regular gas, sold only in Germany, falls to $2.609 a gallon — that’s the cheapest it’s been since February 2007. The average price for regular in the U.S. on Monday was $2.40 per gallon — about $1.71 cheaper than its July peak — according to the U.S. Energy Information Administration, which surveys prices once a week.
According to AAA, which gathers prices daily, regular gas fell another 6 cents since the EIA’s Monday survey.
A gallon of diesel in Germany will fall 14 cents to $3.46 a gallon and $3.30 a gallon in the Netherlands. A gallon of diesel in the U.K. slid down a nickel to $3.39 a gallon.
In the Netherlands, mid-grade gas will drop 25 cents to $2.72 a gallon. A gallon of mid-grade gas in the U.K. will be $2.80, a 15-cent reduction from the previous week’s price.
The price of a gallon of premium gas in the Azores and Turkey remains unchanged at $4.92 and $4.83, respectively.
The EIA attributes the plunge in prices to decreased demand caused by the financial crisis.
The price of oil has plummeted across the world in response, and the average global price for crude fell below $60 a barrel for the first time in 20 months on Oct. 31, according to EIA data.
Stripes reporter Steve Mraz contributed to this story.
