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NEW YORK (CNN/Money) -
Gasoline prices edged lower Friday for a full week of consecutive declines, according to travel club AAA's daily fuel report.
The nationwide average price for a gallon of regular unleaded hit $2.69, down about a penny from $2.70 on Thursday.
The average price for regular unleaded is now nearly 12 percent lower than it was when it hit a record high of $3.05 on Labor Day in the aftermath of Hurricane Katrina.
Gas prices have steadily fallen over the past two weeks on signs that soaring energy prices are finally starting to take their toll on consumption.
Residents pay the most in Hawaii, where the average price for a gallon of regular unleaded hit $3.28. They pay the least in Oklahoma, where $2.33 is the average price.
U.S. government data released Wednesday showed demand for all petroleum products fell by 3.2 percent from the same period last year, a bigger drop than last week's 2.8 percent. The report said demand for gasoline fell 2.2 percent and demand for distillates falling 4 percent.
Although the price of regular unleaded has moved off its highs and is starting to track downward, prices are still about 34 percent stronger than a year ago. A year ago, the average cost of a gallon of regular unleaded gasoline was about 68 cents cheaper at $2.01, according to AAA.
Retail diesel, meanwhile, gained 2 cents to $3.22 a gallon Friday. Diesel prices have moved higher and are up about 45 percent from last year.
Analysts say gas prices are falling as the U.S., the world's biggest user of fuel, puts the brakes on consumption. However, many expect prices to rebound as winter approaches.
-- from staff and wire reports
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