Our Terms of Service and Privacy Policy have changed.

By continuing to use this site, you are agreeing to the new Privacy Policy and Terms of Service.

Gas falls to 21-month low

Pump prices in national survey now down nearly 50% from record high after 62 straight days of decline.

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)
By Julianne Pepitone, CNNMoney.com contributing writer

gas_pump_hand.ce.03.jpg

NEW YORK (CNNMoney.com) -- Gasoline prices declined to their lowest level in more than 21 months Tuesday, falling for the 62nd straight day in a national survey.

The national average fell 1.9 cents to $2.068 per gallon of regular gasoline, according to the daily survey conducted for the American Automobile Association, a motorist group.

The decline brings the price of gas down nearly 50% from the record high of $4.114 reached in mid-July. Prices were down almost $1.03 per gallon from a year ago and 88.6 cents since one month ago.

Gas prices have fallen below an average of $2 a gallon in 18 states. It was cheapest in Missouri, at an average of $1.773, according to AAA.

The price in nearly all remaining states stands below $3 a gallon. Only Alaska remains above that mark, at $3.150 per gallon; Hawaii, which had been above $3, fell to $2.997 a gallon.

The price of crude oil, the main component of petrol fuels, has also declined as investors fear the global economic slowdown will reduce demand for fuel.

On Monday, oil futures settled to $54.95 per barrel, their lowest levels since Jan. 29, 2007. Prices have not dipped below $50 since May 24, 2005.

The AAA figures, compiled by Oil Price Information Services, 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 different fuel prices in their area. 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
Here's what costs more than a barrel of oil Oil prices have crashed to below $27 a gallon -- a level not seen since 2003 -- which makes a barrel of crude cheaper than lots of everyday purchases that we don't think twice about. More
Super Bowl 50 ads are studded with celebrities The 2016 Super Bowl has rolled out the red carpet for the likes of Helen Mirren, Amy Schumer, Seth Rogen, Steven Tyler and the late, great Marilyn Monroe. More
The women of marijuana These women entrepreneurs and executives are making their mark in the marijuana industry. More
Sponsors