Gas prices: Down 9% from July high

Gasoline prices retreat for the sixth straight day and are now down 9.4% from July's high of $4.114 but remain some 33% higher from a year earlier.

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)

What should Congress do with the $700 billion proposal to take pressure off the credit markets?
  • Pass the legislation quickly
  • Pass it, but add stimulus and foreclosure relief
  • Reject it

NEW YORK (CNNMoney.com) -- Gas prices fell back, yet again, marking the sixth straight decline, according to a nationwide survey of credit card swipes at gasoline stations.

The average price of unleaded regular dropped 1.3 cents to $3.726 a gallon, from $3.739 a gallon, according to the survey released Tuesday by motorist group AAA.

While prices have now dropped some 13 cents and have stayed below the key $4 level for some time now. But prices still remain much higher from a year ago, when gas was selling for less than $3 a gallon. Current prices are still about 33% higher from a year earlier at this time.

Drivers can take some comfort in the fact that prices are 38.8 cents, or 9.4%, down from the record high price of $4.114 a gallon set on July 17. Gas prices had been moving higher following the devastation left behind by hurricanes Ike and Gustav.

With hurricane season is more than halfway done and the high summer driving season is over, the downward trend for gas prices may continue unless a major storm, once again, disrupts the flow of crude.

Oil prices had 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 crude prices rallied back Monday, posting the biggest one-day dollare gain ever as the dollar slumped on the government's bailout plan and traders rushed to fill obligations as the October contract expired. Crude for November deliver - the new front-month contrac - was sharply lower Tuesday, down $2.07 to $107.32 a barre.

Meanwhile, only two states continue to report gas prices above $4 a gallon: Alaska and Georgia. Alaska continues to be the state with the most expensive gas prices, at $4.319 a gallon. The cheapest gas can still be found in New Jersey, where gas cost $3.447 a gallon, according to AAA's Web site. 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:
More Galleries
Most 'one percent' moments of 2014 This year was all about more money, more problems. Here's a look at the trials, tribulations and triumphs of the 1% over the last year. More
6 products to keep the skies friendly Plane travel can be stressful, especially during the holidays. These things can help keep the peace among travelers. More
2014: Helluva good year for stocks The bull market has been going for 2,115 days. If you put you're money in stocks, it's been a very happy year. 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.