Gas Prices Drop 48% Since Hitting July's All-Time High

Posted on November 14, 2008 by LCT Staff - Also by this author - About the author

NEW YORK CITY - Retail gasoline prices fell further overnight, bringing the decline since the summer's record high to nearly $2 a gallon, according to figures released Friday.

The national average price for a gallon of regular gasoline fell 2.6 cents to $2.152 from $2.178 Thursday, according to a daily survey for the American Automobile Association.

The price of gas has dropped $1.962, or 48%, since hitting an all-time high of $4.114 in July.

Gas prices have declined for 58 days in a row, tumbling more than $1.70, or 44.2%, in that time. Friday's national average price is the lowest since Jan. 31, 2007, when it was $2.151.

The states with the highest gas prices were in Alaska, at $3.221 a gallon, and Hawaii, at $3.079.

Missouri had the cheapest gas in the nation, at $1.864 a gallon, and is one of 9 states with average prices below $2.

Even as gas prices fall, demand has continued to slip. MasterCard's weekly survey of gas station credit card swipes showed demand down 4.2% last week, compared to the same period last year.

The rapid decline in gas prices comes as the price of crude oil continues to collapse. Crude prices, which make up roughly half of gasoline prices, have fallen more than 60% since hitting a record $147.27 a barrel on July 11.

Crude for December delivery settled at $58.24 on Thursday.

Source: CNN Money

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