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| There is no national definition of price gouging, and states all define it differently. CNN's Bill Tucker reports. (October 13) |
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NEW YORK (CNN/Money) -
Gasoline prices ended the week more than two cents lower, marking the third straight decline in prices at the pump, while diesel prices barely moved, according to a daily report issued by travel club AAA.
The average nationwide price for a gallon of regular unleaded gasoline fell to $2.816 a gallon from $2.837 Thursday, AAA reported.
Gas prices peaked at $3.057 on Labor Day in the wake of Hurricane Katrina and have fluctuated since, falling as low as $2.755 a gallon Sept. 22.
A year ago, the average cost of a gallon of regular unleaded gasoline was $1.989, AAA reported.
The average nationwide price for diesel was relatively unchanged, falling by a tenth of a cent to $3.184 a gallon from Thursday, according to AAA.
Diesel prices posted a new record every day last week.
This time last year, diesel prices were at $2.130 a gallon, the travel club reported.
After Hurricane Rita slammed into the Texas-Louisiana Gulf Coast, many Texas refineries went off line, sparking fears of gasoline shortages.
As of Thursday, a little more than 10 percent of U.S. refining capacity remains halted after as much as 25 percent of capacity was cut off following Hurricane Rita, Reuters reported. Right now, 69 percent of oil production in the Gulf of Mexico is also down.
Demand for gasoline within in the U.S., however, has weakened, averaging 8.8 million bpd, or 2.4 percent below last year, according to a government report released Thursday.
President Bush has also urged Congress to draft a bill that would allow for the construction of new refineries and ultimately alleviate recent high gas prices.
Midgrade and premium gasoline also fell more than two cents Friday. The nationwide average price for midgrade gasoline was $2.990, down from $3.012 Thursday. Premium gas prices sank to $3.100 from $3.122 a gallon Thursday, AAA reported.
AAA's "Daily Fuel Gauge Report" also revealed that Hawaii still has the most expensive gas in the country, with the average cost of regular unleaded at $3.509. Gas in Oklahoma was the cheapest, with regular unleaded at $2.464, on average.
-- from staff and wire reports
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Tell us your story: Have rising gas prices forced you to cut back spending? Have you endured long lines when filling up? We'd like to hear your story for an upcoming feature. E-mail us at gasprices@cnn.com.
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