Gas prices fall again
Prices at the pump continued to drop over the weekend, as recession fears hit oil futures.
NEW YORK (CNNMoney.com) -- Gasoline prices fell again, tumbling to the lowest price in a year, according to a daily survey of credit card swipes released Sunday.
The average price of unleaded regular fell to $2.699 a gallon, down three and six-tenths of a cent, according to the Daily Fuel Gauge Report issued by motorist group AAA. Prices have fallen $1.15, or 30%, in the last 39 days.
The current national average is $1.41, or 34.3%, off the record high price of $4.11 that AAA reported July 17.
The biweekly Lundberg Survey of gas prices around the country, released Sunday, also showed new lows for the year.
The average price of self-serve, unleaded gas at 5,000 gas stations in the U.S. as of Friday was $2.78 a gallon, compared to $3.31 on Oct. 10, said Trilby Lundberg, publisher of the Lundberg Survey. The 53-cent drop in gas prices over the last two weeks is the largest drop in the six-decade history of the survey.
The decline comes as hurricane season winds down and oil prices drop over concerns that a prolonged economic slump would curb demand for energy.
The last time the AAA report showed an average price for a gallon of regular unleaded gasoline close to this price was October 18, 2007, when the price averaged $2.795.
Alaska has the most expensive gas with prices averaging $3.76, according to the AAA report. The cheapest gas is found in Oklahoma with prices averaging $2.30.