CNNMoney.com
Companies Economy International Corrections Pre-market Trading After-hours Trading Winners/Losers/Actives Bonds Currencies Commodities World Markets Money Magazine Real Estate Taxes Jobs Ask the Expert Money 101 Autos Mutual Funds The Help Desk Loan Center Best Places to Live Ask the Expert Ultimate Guide to Retirement Retirement Calculators Best Funds Best Places to Retire Fortune Brainstorm Tech Apple 2.0 Blog Big Tech Blog Sectors and Stocks Tech Talk Resource Guide Small Business Makeovers Questions & Answers Small Business Video 100 Best Places to Launch FSB 100 Fortune Small Business Fortune 500 Brainstorm Tech Investing Management C-Suite Rankings Main Create Portfolio Edit Portfolio Create Alerts Edit Alerts
Gas Crunch Special report:
Gas Crunch +Full coverage
Gasoline down -- a very little bit
Pump prices ease for the first time in five weeks, but steep drop not seen, according to AAA.

NEW YORK (CNNMoney.com) - Reversing an upward trend to near record prices, the cost of gasoline slipped by a penny over the weekend, with a nationwide survey showing a drop for the first time in five weeks. But motorists shouldn't expect a big rollback any time soon.

The average price nationwide for a gallon of regular gasoline fell to $2.919 Monday from $2.929 Friday, with slight declines on Saturday and Sunday, according to the motorist group AAA, formerly the American Automobile Association.

AAA's Geoff Sundstrom attributed the drop to falling oil prices, which eased by around 5 percent last week as the depletion of U.S. gasoline stocks slowed and President Bush called for the relaxation of certain clean air rules in an effort to control rising prices at the pump.

Sundstrom also said the country is nearing the end of the switchover from the gasoline additive MTBE, a suspected carcinogen, to ethanol, a switchover that helped cause spot outages over the last few weeks and contributed to gasoline's rise.

But he cautioned against building hopes of cheap gas anytime soon.

"A [small] drop doesn't make a trend," he said. "Customers should still prepare themselves for potentially higher prices between now and Memorial Day."

Although gas prices fell by a penny over the weekend, they are still up 15 percent from a month ago and 30 percent since last year. Gasoline reached an all-time high of $3.06 a gallon, not adjusted for inflation, in the wake of Hurricane Katrina.

At $3.37 a gallon, Hawaiians paid the highest average price for gas, according to AAA. Motorists in other states forking out over $3 a gallon include Arizona, California, Connecticut, New York and Washington, as well as in Washington, D.C.

People in Wyoming got the biggest bargain, paying $2.64 a gallon, about three cents less than the next cheapest state, Montana.

_____________

Gas prices cause motorists to fume. Click here Top of page

YOUR E-MAIL ALERTS
Follow the news that matters to you. Create your own alert to be notified on topics you're interested in.

Or, visit Popular Alerts for suggestions.
Manage alerts | What is this?
© 2009 Cable News Network. A Time Warner Company. All Rights Reserved. Terms under which this service is provided to you. Privacy Policy
Copyright © 2009 BigCharts.com Inc. All rights reserved. Please see our Terms of Use.
MarketWatch, the MarketWatch logo, and BigCharts are registered trademarks of MarketWatch, Inc.
Intraday data provided by Interactive Data Real-Time Services and subject to the Terms of Use.
Intraday data is at least 20-minutes delayed. All times are ET.
Historical, current end-of-day data, and splits data provided by Interactive Data Pricing and Reference Data.
Fundamental data provided by Morningstar, Inc..
SEC Filings data provided by Edgar Online Inc..
Earnings data provided by FactSet CallStreet, LLC.