Fuel prices fall for 6th straight day

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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.