Sunday, October 26, 2008

Gas prices fall again

Gasoline prices fell again, tumbling to the lowest price in a year, according to a daily survey of credit card swipes released Sunday.

The average price of unleaded regular fell to $2.699 a gallon, down three and six-tenths of a cent, according to the Daily Fuel Gauge Report issued by motorist group AAA. Prices have fallen $1.15, or 30%, in the last 39 days.

The current national average is $1.41, or 34.3%, off the record high price of $4.11 that AAA reported July 17.

The decline comes as hurricane season winds down and oil prices drop over concerns that a prolonged economic slump would curb demand for energy.

The last time the average price for a gallon of regular unleaded gasoline was close to this price was October 18, 2007, when the price averaged $2.795.

Alaska has the most expensive gas with prices averaging $3.76. The cheapest gas is found in Oklahoma with prices averaging $2.30.

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