Gas down nearly $2 from record

Daily survey shows national average gas price comes down another 2.6 cents overnight.

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)

NEW YORK (CNNMoney.com) -- Retail gasoline prices fell further overnight, bringing the decline since the summer's record high to nearly $2 a gallon, according to figures released Friday.

The national average price for a gallon of regular gasoline fell 2.6 cents to $2.152 from $2.178 Thursday, according to a daily survey for the American Automobile Association.

The price of gas has dropped $1.962, or 48%, since hitting an all-time high of $4.114 in July.

Gas prices have declined for 58 days in a row, tumbling more than $1.70, or 44.2%, in that time. Friday's national average price is the lowest since Jan. 31, 2007, when it was $2.151.

The states with the highest gas prices were in Alaska, at $3.221 a gallon, and Hawaii, at $3.079.

Missouri had the cheapest gas in the nation, at $1.864 a gallon, and is one of 9 states with average prices below $2.

Even as gas prices fall, demand has continued to slip. MasterCard's weekly survey of gas station credit card swipes showed demand down 4.2% last week, compared to the same period last year.

The rapid decline in gas prices comes as the price of crude oil continues to collapse. Crude prices, which make up roughly half of gasoline prices, have fallen more than 60% since hitting a record $147.27 a barrel on July 11.

Crude for December delivery settled at $58.24 on Thursday.  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
12 greenest cars of 2012 The American Council for an Energy Efficient Economy has released its list of the most environmentally friendly cars of 2012, but there's one glaring omission. More
Top 10 counterfeit goods Last year, U.S. Customs and Border Protection seized 25,000 shipments of counterfeit goods that were making their way into the country. The total value of that loot: $178.9 million. Here are the top 10 fakes and how to spot them: More
Cars of the future: They're going to be tiny and weird Several automakers are moving toward small, shared electric cars that will radically change the way people drive in big cities. More
Sponsors

Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer LIBOR Warning: Neither BBA Enterprises Limited, nor the BBA LIBOR Contributor Banks, nor Reuters, can be held liable for any irregularity or inaccuracy of BBA LIBOR. Disclaimer. Morningstar: © 2012 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2012 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2012. All rights reserved. Most stock quote data provided by BATS.