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Gas falls below $2.10

The average price of gasoline sank for the 61st consecutive day as the economy continues to drag down demand.

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By Kenneth Musante, CNNMoney.com staff writer

NEW YORK (CNNMoney.com) -- Gas prices continued to march toward $2 a gallon Monday, falling for the 61st consecutive day.

The price of regular gasoline fell 1.8 cents to a national average of $2.087 per gallon, according to a daily survey by the American Automobile Association.

Prices were down more than a dollar from Nov. 17, 2007, and down nearly 50% since hitting a record high of $4.114 a gallon in mid July.

Gas prices have already dipped below an average of $2 a gallon in 17 states, and continue to stand below $3 a gallon in all but the most expensive states - Alaska and Hawaii. Gas was cheapest in Missouri at an average of $1.792, according to AAA.

Diesel: The price if diesel fuel, which is used to power most trucks and commercial vehicles, fell to a national average of $2.968 a gallon from $2.996 a day earlier, according to AAA.

Prices at the pump have been falling along with the price of crude oil, the main ingredient in all petrol fuels. Crude investors have been concerned that as the global economy slows, demand for fuel will fade worldwide.

Oil prices have fallen more than 60% since mid July. By Monday, oil futures were trading at their lowest levels since January 2007.

Ethanol: As worry about falling demand weighed on gasoline and diesel prices, the price of E85, an 85% ethanol blend made primarily corn, rose slightly to $1.772 a gallon from $1.767, according to AAA.

E85 can be used as a gas substitute in special configured "flex-fuel" vehicles. However it is difficult to find outside of the corn-producing Midwest region, and it is not sold at the pump in some states.

The AAA figures are state-wide averages based on credit card swipes at up to 100,000 service stations across the nation. These are state-wide averages, and individual drivers may see lower fuel prices in different areas of each state. To top of page

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