Gas prices sink for third day
The drop follows more than a week of gains. Prices are still 35% above last year's levels.
NEW YORK (CNNMoney.com) -- Gas prices fell for their third-straight day Saturday after climbing for more than a week on the heels of hurricanes that shut down much of the nation's refineries, according to a nationwide survey of credit card swipes at gasoline stations.
The average price of unleaded regular dropped 3 cents to $3.777 a gallon, according to the survey released by motorist group AAA.
More than 30 refineries, which convert crude oil into usable gasoline, had shut down or were operating with reduced capacity in the Gulf region following hurricanes Gustav and Ike. The number has since fallen by more than half, restoring gasoline supply to retailers and easing consumer prices.
Prices have remained under $4 for some time now, but they are 35% higher than a year ago when gas sold for about $2.80 a gallon.
Still, prices are 33.7 cents, or 8.2%, down from a record high of $4.114 a gallon set on July 17.
Lower oil prices have also helped lower the cost of retail gas. Crude has been moving lower since mid-July amid weakening demand, losing more than a third of its value since it reached a record of near $150 just two months ago.
But oil prices zoomed back above $104 a barrel Friday as hope grew on Wall Street that a government bailout could help ease the credit crisis putting a stranglehold on the U.S. economy.
Five states reported gas prices above $4 a gallon in Saturday's AAA survey: Alaska, Georgia, Hawaii, Illinois and Indiana.
Alaska continues to be the state with the most expensive gas prices, at $4.344 a gallon. The cheapest gas can be found in New Jersey, where gas cost $3.481 a gallon, according to AAA's Web site. 
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