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The department's Energy Information Administration said the average price fell 1.5 cents to $1.427, the lowest since a 2.1-cent spike on September 30.

All nine U.S. regions saw the price fall, but drivers in the Gulf Coast saw the biggest drop, 2.3 cents a gallon. The price fell 1.6 cents in the Midwest and 1.5 cents in the Lower Atlantic.

The price at the pump may soon fall further. Crude oil fell below $25 a barrel today after Iraq accepted a United Nations resolution that gives inspectors unfettered access to suspected weapons sites.

The announcement eased concerns about possible military action by the U.S. against Iraq, which would have caused crude prices to spike.

The price fell under $25 for the first time in five months.

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