Operations

Gas Prices Continue Dropping

Posted on November 5, 2008 by LCT Staff - Also by this author - About the author

NEW YORK CITY – Gasoline prices continued their steep descent Wednesday, dropping another 2.6 cents a gallon in a daily survey.

A gallon of regular unleaded gas fell to $2.365 from $2.391 Tuesday, according to motorist group AAA's Fuel Gauge Report. It was the 49th straight drop in gas prices, which have fallen 42.5% from the record high of $4.114 set July 17.

The price is nearly 22% lower than the $3.024 a gallon average of a year ago and about 33% below the $3.504 level of a month earlier.

The last time gas prices fell this low was February 26, 2007, at $2.3512 per gallon.

Even with falling prices, demand for gas continues to drop. Americans are driving 5.6% fewer miles than last year, according to a recent U.S. Department of Energy report.

Alaska reported the highest current-state-average gas price, at $3.489 per gallon, with Missouri posting the lowest current-state-average price, at $2.038 per gallon.

Only two states, Alaska and Hawaii, have an average price above $3 per gallon, while 35 states report gas prices below $2.50 per gallon.

Retail gas prices have benefited from lower oil prices. The price of crude has dropped by more than half since it peaked near $150 a barrel in mid July.

The AAA figures are state-wide averages based on credit card swipes at up to 100,000 service stations across the nation. Many drivers have reported even lower prices across the country.

Source: CNN Money

View comments or post a comment on this story. (0 Comments)

More News

Dawson Rutter's Company Named Best Car Service

Commonwealth Worldwide earns the Boston ranking for the seventh time as it marks 35 years of chauffeured service.

Family Business Becomes Millennial’s Passion

eNews Exclusive: Fast 40 operator Nick Boccio got his start in a garage and has since taken up a desire to continue his grandfather’s legacy.

Luxury Vs. Affluent Travelers: What's The Difference?

Luxury spenders are more driven by experiential and authentic experiences.

Company Aims To Reach Peak Operating Performance

eNews Exclusive: Abdou and Hillary Louarti believe industry involvement and education help them stand out in a crowded market.

Uber Is Imploding, But Does Anyone Really Care?

The TNC may be a cesspool of sexism and harassment, but efficiency tends to trump corporate intrigue.

See More News

Facebook Comments ()

Comments (0)

Post a Comment

Submit

Blog

See More

LCT Store

LCT Magazine - June/Fact Book 2017 $12.95 * Facts & Stats * Directors & Guides *



Connect

Experience the three annual industry events for networking for business, showcasing vehicles and products, and getting the tools for success.

Read About Your Region

What’s Happening Near You?
Click on any state to see the latest industry news and events in that region.

More From The World's Largest Fleet Publisher

Automotive Fleet

The Car and truck fleet and leasing management magazine

Business Fleet

managing 10-50 company vehicles

Fleet Financials

Executive vehicle management

Government Fleet

managing public sector vehicles & equipment

TruckingInfo.com

THE COMMERCIAL TRUCK INDUSTRY’S MOST IN-DEPTH INFORMATION SOURCE

Work Truck Magazine

The number 1 resource for vocational truck fleets

Metro Magazine

Serving the bus and passenger rail industries for more than a century

Schoolbus Fleet

Serving school transportation professionals in the U.S. and Canada

Please sign in or register to .    Close