Gas prices down 2.6 more cents
Average price of gas drops to $2.365 a gallon from AAA daily survey, 42.5% below summer's record high.
NEW YORK (CNNMoney.com) -- Gasoline prices continued their steep descent Wednesday, dropping another 2.6 cents a gallon in a daily survey.
A gallon of regular unleaded gas fell to $2.365 from $2.391 Tuesday, according to motorist group AAA's Fuel Gauge Report. It was the 49th straight drop in gas prices, which have fallen 42.5% from the record high of $4.114 set July 17.
The price is nearly 22% lower than the $3.024 a gallon average of a year ago and about 33% below the $3.504 level of a month earlier.
The last time gas prices fell this low was February 26, 2007, at $2.3512 per gallon.
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.
Alaska reported the highest current-state-average gas price, at $3.489 per gallon, with Missouri posting the lowest current-state-average price, at $2.038 per gallon.
Only two states, Alaska and Hawaii, have an average price above $3 per gallon, while 35 states report gas prices below $2.50 per gallon.
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.
The AAA figures are state-wide averages based on credit card swipes at up to 100,000 service stations across the nation. Many drivers have reported even lower prices across the country. 
-
All credit cards are not created equal. From 7.2% to cash back, 6 great deals. More -
With the stimulus underway and unemployment rising, economic leaders weigh in. More -
Thanks to sinking home prices, these 5 homebuyers were able to score deals in prime areas. More -
A new top-of-the-line luxury sedan -- the finishing touch on a troubled brand's make-over. More -
Nissan, GM and Ford are placing their bets in the high-stakes game of electric driving. More -
Not even ultra-dapper President Obama could help Hartmarx, the Chicago-
based clothing maker. More
