Gas prices fall for 13th straight day

Retail fuel prices have fallen nearly 20 cents since July 16, reaching a level not seen since late May.

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)
By Kenneth Musante, CNNMoney.com staff writer

Because of my economy, I have:
  • Used my credit cards less
  • Used my credit cards more
  • Used my credit cards as usual
  • Cut up my credit cards

NEW YORK (CNNMoney.com) -- Regular gas prices at the pump, along with diesel and ethanol, have declined for the 13th straight day, a daily survey of filling station credit card swipes showed Wednesday.

Gasoline: The price of regular unleaded gas at the pump slipped 1.5 cents to $3.926 a gallon on average, a level not seen since late May, according to a nationwide survey from motorist advocacy group AAA.

The average price for regular has fallen 18.8 cents since hitting a record high of $4.114 at the pump on July 16.

Gas prices have been tracking a decline in oil prices. The fall has been sparked by worries that the high cost of fuel is slowing demand.

Gas prices first crossed the $4 mark on June 7 when they hit $4.005 a gallon, AAA data showed.

Ethanol: High gas prices have caused many drivers, particularly those in states with strong agricultural industries, to switch to ethanol as their fuel of choice.

The price of E85, an 85% ethanol blend which burns cleaner than straight gasoline and is made primarily from corn, fell 3.5 cents to $3.166 a gallon on average, AAA reported.

While ethanol is derived from renewable sources, it is less efficient than gasoline. As a result, a car running on E85 would pay the equivalent of $4.167 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 to $4.714 a gallon from $4.724, according to AAA.

Diesel prices have climbed more than 69% in the last 12 months. And because of diesel is used to transport goods, the high prices have affected the prices of other items.

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

Gas in Alaska, the state with the highest prices, fell to an average of $4.648 a gallon from $4.654 the previous day, according to AAA. Hawaii, the state with the second highest prices, saw average prices rise to $4.50. California prices dipped to $4.288 on average, the AAA survey said.

Drivers in Oklahoma, the state with the cheapest gas, saw prices fall to $3.655 from $3.67 a gallon the day before. In Minnesota, the next cheapest state for gas, drivers paid $3.678 on average, followed by Ohio at $3.693.

Drivers in Hawaii, the state with the most expensive diesel, saw diesel prices rise to $5.398 a gallon. Diesel was cheapest in Oklahoma at $4.488, according to the AAA survey. 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:
These 10 food trends could dominate 2015 So long, kale. Here's what's expected to shake up the food industry next year. More
Beyond Russia: Geopolitical hot spots in 2015 Investors beware: These 5 global crises are likely to rattle the stock market and world economy. More
These 20 antique guns could fetch big bucks Morphy Auctions in Pennsylvania is putting nearly 1,000 old guns on the block. Here are just a few. 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: © 2014 Morningstar, Inc. All Rights Reserved.

Factset: FactSet Research Systems Inc. 2014. 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 2014 and/or its affiliates.