Gas falls for 75th day

Gas prices vary overseas

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NEW YORK (CNNMoney.com) -- Gas prices fell for the 75th consecutive day on Monday, and sold below $2 a gallon in all but three states and the District of Columbia, according to a daily survey of credit-card swipes at gas stations.

Gas prices slipped 0.5 cents to a national average of $1.82 a gallon, the cheapest price since January 2005, according to Monday's survey from motorist group AAA. That price is $1.24 less than what gas cost on the same day last year.

Gas prices have fallen by more than 55% since hitting a record high of $4.114 a gallon on July 17. Concern about falling fuel consumption in the midst of the current economic crisis has driven the price of oil, a main component of gasoline, down more than 65% since July.

Typically, energy expenditures are the first to be trimmed back during periods of economic sluggishness as business activity declines and consumers try to save money by driving less.

Gasoline prices are now below $2 a gallon, on average, in all states except Alaska ($2.759), Hawaii ($2.70), New York ($2.188), and the District of Columbia ($2.064). Missouri had the lowest prices at $1.558 a gallon.

Diesel: The price of diesel fuel, which is used by most trucks and commercial vehicles, fell 1.2 cents to a national average of $2.744 a gallon, according to AAA.

Diesel prices have fallen more than 43% since hitting a high of $4.845 in July.

Ethanol: Meanwhile the price of E85, an 85% ethanol blend made primarily corn, fell 0.8 cents to $1.596 a gallon on average, 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. Individual drivers may see lower fuel prices in different areas of each state.