Operations

Gas Prices Continue Dropping

LCT Staff
Posted on November 5, 2008

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

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