Gas edges in on $2.50
Prices sink by more than a third from summer's record high as crude falls and Americans consume less fuel.
NEW YORK (CNNMoney.com) -- Gasoline prices fell to their lowest level in more than a year and a half Thursday, according to a nationwide survey of credit card swipes at gasoline stations.
The average price of unleaded regular gas dropped 4.2 cents to $2.547 a gallon, according to the survey released by motorist group AAA. The last time gas was this low was Mar. 14, 2007.
Gas has fallen 43 straight days, since just after Hurricanes Gustav and Ike battered the Gulf coast in September.
Prices are now down 38.1%, or $1.567, from the record high price of $4.114 a gallon set July 17. The average price dropped below $3 a gallon on Oct. 18 for the first time in nearly nine months.
Even with falling prices, demand for gas continues to drop. Americans are driving 5.6% fewer miles than last year, according to a recent U.S. Department of Energy report. And a weekly MasterCard survey of gas purchases showed motorists consumed 6.4% less gas in the past week compared to a year ago.
Retail gas prices have benefited from lower oil prices. The price of crude has dropped by more than half since it peaked near $150 a barrel in mid July.
Alaska and Hawaii reported gas prices above $3 a gallon in the AAA survey, but 18 states had gas price averages under $2.50 a gallon.
Alaska continues to be the state with the most expensive gas prices, at $3.643 a gallon. The cheapest gas can be found in Oklahoma, where gas cost just $2.167 a gallon, according to AAA's Web site.
The AAA figures are state-wide averages, and many drivers have reported even lower prices across the country.
CNNMoney.com staff writer David Goldman contributed to this report. 
