Gas dips below $4 - first time in 7 weeks

Gasoline prices declined for the 9th straight day, falling 2 cents to $3.983 a gallon.

EMAIL  |   PRINT  |   SHARE  |   RSS
 
google my aol my msn my yahoo! netvibes
Paste this link into your favorite RSS desktop reader
See all CNNMoney.com RSS FEEDS (close)

If gas prices continue to go down, I will:
  • Go back to old driving habits
  • Drive the same way I do now
  • Still find new ways to save gas

NEW YORK (CNNMoney.com) -- Gas prices declined for the 9th straight day, falling below $4 a gallon for the first time in seven weeks, according to a nationwide survey Saturday by motorist group AAA.

Gasoline: The price of regular unleaded gasoline dropped 2 cents to $3.983 a gallon on average, according to AAA's daily survey of credit card swipes at filling stations.

Americans have seen their pocketbooks stretched thin on the back of record high fuel prices and the churning economy.

Average gasoline prices first crossed the $4 mark on June 7 when they hit $4.005 a gallon. Surging oil prices kept gas on an upward trajectory, with prices hitting a record high of $4.114 on July 16. Prices stayed there for two days before starting to retreat.

Ethanol: High fuel prices have caused many drivers, particularly those in states with strong agricultural industries, to switch to ethanol. The price of E85, an 85% ethanol blend, which burns cleaner than pure gasoline and is made primarily from corn, fell to $3.231 a gallon from $3.238. While ethanol is derived from renewable sources, it is less efficient than gasoline. Subsequently, a car running on E85 would pay the equivalent of $4.252 per gallon to get the same mileage as gas, the AAA survey estimated.

Diesel: The average price of diesel fuel, which is used to power most trucks and commercial vehicles, fell as well to $4.757 a gallon from $4.774, according to the AAA survey. Diesel remains more than 60% higher than last year. Because of its use in transporting goods, high prices for diesel have affected the prices of other items. To top of page

Features
They're hiring!These Fortune 100 employers have at least 350 openings each. What are they looking for in a new hire? More
If the Fortune 500 were a country...It would be the world's second-biggest economy. See how big companies' sales stack up against GDP over the past decade. More
Sponsored By:
10 of the most luxurious airline amenity kits When it comes to in-flight pampering, the amenity kits offered by these 10 airlines are the ultimate in luxury More
7 startups that want to improve your mental health From a text therapy platform to apps that push you reminders to breathe, these self-care startups offer help on a daily basis or in times of need. More
5 radical technologies that will change how you get to work From Uber's flying cars to the Hyperloop, these are some of the neatest transportation concepts in the works today. More


Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer. Morningstar: © 2018 Morningstar, Inc. All Rights Reserved. Factset: FactSet Research Systems Inc. 2018. All rights reserved. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2018 and/or its affiliates.