Gasoline: Pennies away from $2

Gas gets cheaper by the day

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NEW YORK (CNNMoney.com) -- Gasoline prices continued to spiral toward $2 a gallon, falling for the 64th day in a row, according to a national survey of gas station credit card swipes released Thursday.

The average price of gas in the United States fell to $2.02 a gallon, shedding 2.7 cents from the previous day, motorist group AAA said.

Gas prices have shed $1.835 over the past 64 days, and have fallen more than 50% since hitting a record average price of $4.114 in mid-July.

Gas has already dipped below an average of $2 a gallon in 23 states, and continues to sell below $3 on average in all but the most expensive state - Alaska. Gas was cheapest in Missouri at an average of $1.721, according to AAA.

Diesel: The price of diesel fuel, which is used to power most trucks and commercial vehicles, fell to a national average of $2.921 a gallon from $2.947 a day earlier, according to AAA.

Diesel prices have fallen nearly 40% since hitting a high of $4.845 in July.

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

Oil prices on the open market have fallen more than 60% since mid July. On Thursday, oil futures were trading at their lowest levels since January 2007.

Ethanol: Meanwhile the price of E85, an 85% ethanol blend made primarily corn, has also fallen to $1.716 a gallon from $1.727, 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, 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 lower fuel prices in different areas of each state.