|
NEW YORK (CNN/Money) -
Gasoline prices fell slightly Monday, continuing its downward slide while diesel prices inched upwards to a new record high, according to travel club AAA's daily fuel report.
The nationwide average price for a gallon of regular unleaded hit $2.624 a gallon, down from Sunday's price of $2.639.
The average price for regular unleaded is almost 14 percent lower than it was when it hit a record high of $3.05 on Labor Day in the aftermath of Hurricane Katrina.
Retail diesel, meanwhile, gained less than a penny to $3.239 a gallon Monday to reach an all-time high. Diesel prices are up about 45 percent from last year.
Gas prices have steadily fallen over the past two weeks on signs that soaring energy prices are finally starting to curb consumption.
According to a separate survey published Sunday, the average price of gas in the United States fell more than 25 cents per gallon of self-serve regular over the past two weeks to $2.66 marking its biggest decline in 50 years.
"The drop is mostly from refining capacity comeback and, to a lesser degree, lower demand," said Trilby Lundberg, publisher of the Lundberg Survey, which compared prices tallied on Oct. 21 and Oct. 7 at about 5,000 gas stations in all 50 states.
AAA's daily fuel pricing survey reported that residents pay the most in Hawaii, where the average price for a gallon of regular unleaded was $3.115 a gallon. They pay the least in Oklahoma, where $2.254 was the average price on Monday.
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 stronger than a year ago. At that time, the average cost of a gallon of regular unleaded gasoline was about 60 cents cheaper at $2.017, according to AAA.
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
_________________
Are soaring oil prices a thing of the past? Click here.
Click here for CNN/Money's special report 'Oil Crunch 2005'.
|
