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| See how the right insulation can save you money on home heating this winter. CNN's Gerri Willis reports. (November 1) |
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NEW YORK (CNN/Money) -
The price of regular unleaded gasoline at the pump fell well over a penny Wednesday while diesel moved nearly two cents lower, according to the travel group AAA.
The nationwide average price for regular unleaded fell to $2.467 a gallon from $2.483 Tuesday, according to AAA's "Daily Fuel Gauge Report." The price is down over 19 percent from the record high of $3.057 reached on Labor Day, following Hurricane Katrina.
Gasoline prices, which have recently posted a decline of one to two cents per day, are down from $2.938 a month ago, but up from $2.019 a year ago, AAA says, a year-over-year increase of nearly 22 percent.
Retail diesel prices, which had not experienced the same recent declines as gasoline, dipped nearly two cents to $3.032 a gallon from $3.051 Monday. Diesel prices are down over 6 percent from a record $3.239 set Oct. 24, but they're up 35 percent from $2.244 a year ago.
Gasoline prices have steadily fallen during the past two weeks on signs that the soaring expense of energy is finally starting to curb consumption within the U.S., the world's biggest user of fuel. The U.S. government reported last Wednesday in its weekly inventory report that demand for gasoline was 2 percent lower last week despite the recent decline in pump prices.
The government is scheduled to release its next inventory report at 10:30 a.m. ET Wednesday.
Even though consumers may be putting the brakes on consumption, many analysts are expecting prices to rebound as winter approaches.
On a state-by-state basis, AAA says Hawaiians pay the most for regular unleaded at $2.947 a gallon. Oklahoma has the lowest prices, at $2.133 a gallon.
The average price for a gallon of mid-grade gasoline fell nearly two cents Wednesday to $2.619, according to AAA. Premium unleaded also declined just under two cents to $2.714 a gallon.
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Gas prices may be going down, but what about your heating bill? Click here.
Click here for CNN/Money's special report 'Oil Crunch 2005.'
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