Gas nears three-year low
Gas prices dip for 41 straight days to settle at $2.629 as Americans drive less, consume less gas.
NEW YORK (CNNMoney.com) -- Gasoline prices fell overnight, settling Tuesday to approach the lowest level in roughly three years, according to the American Automobile Association.
The national average price for a gallon of regular gas fell to $2.629, down 3.9 cents from the day before, according to AAA's Daily Fuel Gauge Report.
The last time gas was this low was Oct. 24, 2005 at $2.6237 a gallon.
Today marks the 41st straight day that prices have dropped. Gas is down 36.1%, or $1.485, from the record-high price of $4.114 that AAA reported in mid-July. Gas is down 28.07%, or $1.026, from the month ago average.
On Oct. 18, the average price dropped below $3 a gallon for the first time in nearly nine months.
Alaska has the most expensive gas in the nation at an average of $3.645 a gallon, while Oklahoma has the cheapest gas at $2.219 a gallon.
Demand for gas is dropping, as Americans drive less and consume less gas compared to last year. In August, Americans drove 5.6% less than a year ago, marking the biggest single-month decline in miles traveled since the government started collecting the data.