Gas prices tick down

National average declines to $4.073 a gallon - a slight change from Friday.

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America's Money: Gas crunch hits home America's Money: Gas crunch hits home America's Money: Gas crunch hits home
The record-high price of gasoline is putting a strain on motorists - and spurring some to shift their habits. Here are their stories.
Who has the most power to lower gas prices?
  • Congress
  • Consumers
  • The President
  • Saudi Arabia

NEW YORK ( -- Gas prices have dropped slightly, according to a daily survey released Saturday by motorist group AAA.

The national average price for a gallon of regular gasoline declined two-tenths of a cent to $4.073 from $4.075 the day before.

Of course, the price at the pump remains a heavy burden for drivers: The national average is more than a dollar higher than it was a year ago.

Gas prices hit an all-time high of $4.080 on Monday, June 16.

According to AAA, drivers in 31 states and the District of Columbia are paying an average of at least $4 a gallon. The priciest locale is California, with an average per-gallon price of $4.607.

The state with the lowest gas prices is Oklahoma, where a gallon averages $3.830.

The survey also showed the national average price of diesel fell to $4.781 a gallon from $4.786 the day before.

Oil: Supply and demand

Meanwhile, oil prices on Friday were subject to another volatile day of trading.

Crude prices - driven by concerns about supply in the Iranian, Nigerian, and Chinese oil markets - rose nearly $5 before settling higher by less than $3 at $134.62.

Traders also reacted to a weakened dollar, which fell by nearly 1% against the euro and yen Friday.

The escalating price of oil prompted Saudi Arabia, the world's largest oil producer, to convene a special meeting on Sunday to seek solutions. The Saudis are said to be worried that the high prices will dampen demand for crude.

Prices idle drivers

The expense has prompted many Americans to cut back on the amount of driving they do.

The Federal Highway Administration said Thursday it estimates that Americans drove 1.4 billion fewer miles on public roads in April. That's a decline of 1.8% compared to April 2007 and is the sixth consecutive month that drivers have cut back.

So far this year, the agency estimates that drivers have traveled 20 billion fewer miles than in previous years. To top of page

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