The price for gasoline has fallen 3 cents from its all-time high reached two weeks ago, but is still up 54 cents from a year ago.

Lower motor fuel costs mirrored a drop in crude oil prices last week. Those savings were passed on to consumers at the pump, as oil accounts for almost half the cost of making gasoline.

The Energy Department's analytical arm said gasoline prices may fall below $2 a gallon in the coming weeks as additional oil from Saudi Arabia and other OPEC members begins arriving in the U.S. market and crude inventories rise.

U.S. Energy Secretary Spencer Abraham said the lower gasoline prices is "good news" for consumers and will help the American economy.

"OPEC's announcement last week promising new supplies to the oil market, along with recent inventory and import data, are all positive developments in the oil markets," Abraham said in a statement.

"We have seen a modest increase in gasoline stock levels and a decrease in crude oil prices, which indicate that the situation may have entered a phase that will lead to more sustainable supply levels and prices," Abraham said.

EIA will put out a new gasoline price estimate for the rest of the summer on Tuesday when the agency issues its latest short-term energy forecast.

The agency's weekly survey also showed the retail price for cleaner-burning reformulated gasoline, sold in polluted metropolitan areas, dropped a penny to $2.14 a gallon.

The West Coast had the most expensive regular unleaded gasoline, with the price down 1.5 cents to $2.276 a gallon. San Francisco topped the agency's city survey of gasoline costs, as the price dropped a slight 0.1 cent to $2.348 per gallon.

The U.S. Gulf Coast had the cheapest fuel by region, with the price down 1.5 cents at $1.91 per gallon. Houston had the best buy at the pump at $1.88 a gallon, off 0.1 cent.

The weekly report also showed gasoline prices were down 2.5 cents at $2.278 in Seattle, off 0.7 cent at $2.134 in New York City, down 2.7 cents at $2.109 in Chicago, off 0.7 cent at $2.09 in Miami and up 2.5 cents at $1.987 in Cleveland.

Separately, the EIA survey said the average pump price for diesel fuel fell 1.2 cents to $1.734 a gallon, but was up 31 cents from a year ago.

Truckers on the West Coast paid the most for diesel fuel at $2.063 a gallon, down 4.2 cents from the prior week. The lower Atlantic states had the cheapest diesel at $1.649 a gallon, off 0.6 cent.