Gas prices fall near the $1.80 mark
The average price slides for the 77th consecutive day.
NEW YORK (CNNMoney.com) -- Gas prices have been in decline for the past 77 days as the slowing economy has driven down the price crude oil, according to a daily survey released Wednesday.
The national average price of regular unleaded gasoline slipped 0.9 cent to $1.803 a gallon, according to motorist group AAA, which released the survey of credit-card swipes at gas stations.
Gas prices have fallen more than 56% since hitting a record high of $4.114 a gallon on July 17. Wednesday's average price was the lowest since Jan. 14, 2005, when it was $1.801, according to AAA.
Since July, the price of crude oil on the open market has plummeted more than 65% as energy investors worried that the slowing global economy would dramatically reduce the demand for fuels.
State prices: Gas was selling below an average of $2 a gallon in all but the three most expensive states - Alaska ($2.763), Hawaii ($2.654) and New York ($2.166), according to the survey.
Drivers in Missouri saw the cheapest average prices at $1.563 a gallon.
Diesel: The price of diesel fuel, which is used by most trucks and commercial vehicles, fell 0.5 cent to $2.74 a gallon on average, according to AAA.
Diesel prices have fallen nearly 44% since hitting a high of $4.845 in July.
Ethanol: The price of E85, an 85% ethanol blend made primarily from corn, rose 1.2 cents to $1.566 a gallon on average from $1.554, according to AAA.
E85 can be used as a gas substitute in "flex-fuel" vehicles. However, it is difficult to find ethanol 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. ![]()
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