Fuel prices fall for 6th straight day

Prices for gasoline, diesel and ethanol continue retreat, according to AAA survey.

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NEW YORK (CNNMoney.com) -- Gasoline prices fell for the 6th straight day Wednesday, according to a nationwide survey.

Regular: The average for regular unleaded gas fell more than a penny to $4.042 a gallon, down from $4.055 the previous day, according to a daily survey from motorist advocacy group AAA.

Gasoline prices hit a record high of $4.114 a gallon last Wednesday and held the level through Thursday.

In the past year, gas prices have risen more than 36%, causing energy reform advocates to push for alternative fuels and renewable energy sources.

Gasoline price changes typically lag behind oil prices. The price of oil has risen more than 72% over the last 12 months. But last week, crude prices plummeted more than $16 a barrel over concerns that high fuel prices were cutting into demand.

Ethanol: The price of E85 ethanol, which is made from corn and other crops, fell 2.4 cents to $3.259 a gallon on average.

While ethanol is derived from renewable sources, it is also less efficient than gasoline. As a result, E85 costs about $4.289 per gallon to get the same mileage as gas as of Wednesday, the AAA survey showed.

Diesel: The average price of diesel fuel, which is used to power most trucks and commercial vehicles, fell slightly to $4.802 a gallon from $4.808, according to AAA.

Diesel remains more than 62% higher than last year when it was cheaper than gas.

Because of its use in transporting goods, high prices for diesel can affect the prices of other items.

State prices: The AAA survey averages credit card swipes at 85,000 fuel stations around the country.

Gas prices in Alaska, the state with the highest prices, rose 2.5 cents to $4.689 a gallon from $4.664 the day before. Hawaii, the state with the second highest prices, saw average prices increase to $4.479. California prices fell 1.5 cents to $4.418 on average.

Drivers in Oklahoma paid the least for gas at $3.814 a gallon. Missouri was the next cheapest state for gas with drivers paying $3.844 on average, followed by Minnesota at $3.851.

Hawaii had the highest diesel prices at $5.399 a gallon, while diesel was cheapest in Oklahoma at $4.602. To top of page

Gas continues to sell at to record levels. Are you feeling the pinch? Tell us how gas prices are affecting you and what you're doing to cope. Send us your photos and videos, or email us to share your story.
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