Gas prices near $2.30 Nov 7, 2008 22:41:21 GMT -5
Post by Bozur on Nov 7, 2008 22:41:21 GMT -5
Gas prices near $2.30
AAA survey shows gas prices have fallen for 51 straight days.
By Ryan Derousseau, CNNMoney.com contributing writer
Last Updated: November 7, 2008: 11:05 AM ET
New York (CNNMoney.com) -- Gasoline prices fell for the 51st straight day, according a survey released Friday by the motorist group AAA.
The average price of regular unleaded decreased to $2.314, a 2.6 cent drop from Thursday. This is the lowest price the nation has seen since February 24, 2007, according to the national survey, which is based on credit card swipes at gas stations.
Over the last 51 days, prices have sunk $1.54, a 40% decrease.
Demand for gasoline has continued to slip, despite the fall in gas prices. MasterCard's weekly survey of gas station credit card swipes showed demand down 3.9% last week, compared to the same period last year.
Prices have dropped 43.8%, or $1.80, from the record high price of $4.114 a gallon set July 17. The average price per gallon dropped below $3 on Oct. 18, the first time in nearly nine months.
Alaska reported the highest current-state-average gas prices, $3.391 per gallon costing, while Missouri boasted the cheapest, at $1.990 a gallon.
Gasoline prices have fallen while average crude prices have done the same in the past four months. U.S. crude for December delivery settled at $60.77 a barrel in New York trading on Thursday, down from its high of $147.27 a barrel on July 11.
Only two states, Alaska and Hawaii, have an average price above $3 per gallon, while 37 states report gas prices below $2.50 per gallon.
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. To top of page
First Published: November 7, 2008: 10:53 AM ET