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Gas prices continue downward
AAA survey shows regular 25 cents a gallon below peak, but Rita lurks.
September 19, 2005: 6:50 AM EDT

NEW YORK (CNN/Money) - Gasoline prices fell at filling stations around the U.S., according to the AAA's daily fuel report Monday, but the figures don't appear to reflect concerns about Tropical Storm Rita's possible impact on the Gulf Coast

The national average for the price of regular unleaded gasoline at the pump fell to $2.805 from $2.887 Friday, according to the travel club. Gasoline prices surged after Hurricane Katrina slammed into the Gulf Coast three weeks ago, but they've have retreated since Labor Day when prices peaked at $3.057 -- more than 25 cents below Monday's average.

The average price for a gallon of regular unleaded gas was $1.853 a year ago, AAA reported.

Crude futures rallied early Monday due in part to Tropical Storm Rita, which is triggering hurricane warnings in the Florida Keys. The storm has been gaining strength and is moving west towards the already damaged Gulf region at nearly 9 miles per hour.

Mid-grade and premium gasoline prices also fell across the country. The nationwide average at the pump for mid-grade gasoline fell below the $3 mark to $2.976 from $3.065 a gallon Friday. Premium gasoline slipped to $3.085 from $3.177, while diesel prices dipped three cents to $2.846 from $2.876 Friday, AAA reported.

AAA's "Daily Fuel Gauge Report" revealed that gasoline prices in Hawaii were the most expensive in the country, with the average cost of regular unleaded being $3.676. Gasoline prices in Oklahoma were the cheapest, with regular unleaded at $2.532 on average.

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How are crude prices reacting to Tropical Storm Rita? Click here.

Click here for CNN/Money's special report 'Oil Crunch 2005'.  Top of page

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