June 14, 2004

NEW YORK (Reuters) - The U.S. average retail gasoline price fell to $1.994 a gallon on Monday but remained almost 50 cents higher than this time last year, the AAA travel group said.

The average was $2.002 a gallon on Sunday. The highest recorded average price was $2.054 a gallon on May 26, according to AAA.

Oil prices cooled off from record highs reached in early June, falling some 10 percent as OPEC producers agreed to lift output limits by 2.5 million barrels per day and lean U.S. inventories began to recover.

Oil futures were at $38.06 a barrel on NYMEX on Monday, with gasoline at $1.1757 a gallon.

http://finance.myway.com/jsp/nw/nwdt_rt_top.jsp?cat=TOPBIZ&feed=bus&src=202&section=news&news_id=bus-n14338361&date=20040614&alias=/alias/money/cm/nw