CNNMoney.com
Companies Economy International Corrections Pre-market Trading After-hours Trading Winners/Losers/Actives Bonds Currencies Commodities World Markets Money Magazine Real Estate Taxes Jobs Ask the Expert Money 101 Autos Mutual Funds The Help Desk Loan Center Best Places to Live Ask the Expert Ultimate Guide to Retirement Retirement Calculators Rules of Retirement Best Funds Best Places to Retire Fortune Brainstorm Tech Apple 2.0 Blog Big Tech Blog Sectors and Stocks Tech Talk Resource Guide Small Business Makeovers Questions & Answers Small Business Video 100 Best Places to Launch FSB 100 Fortune Small Business Fortune 500 Brainstorm Tech Investing Management C-Suite Rankings Main Create Portfolio Edit Portfolio Create Alerts Edit Alerts

Gas prices fall near the $1.80 mark

The average price slides for the 77th consecutive day.

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 Kenneth Musante, CNNMoney.com staff writer

Can the Big Three make vehicles that Americans want to buy?
  • Yes, if they get a bailout
  • Yes, if they file for bankruptcy
  • No

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. To top of page

Features
Markets Last Change
Dow Jones 10,520.10 53.66 / 0.51%
Nasdaq 2,285.69 16.05 / 0.71%
S&P 500 1,126.48 5.89 / 0.53%
10-year Bond 96 15/32 Yield: 3.80%
U.S.Dollar 1 euro = $1.441 0.003
December 24, 2009 12:00 AM ET
CompanyPrice% Change
YRC Worldwide Inc 1.01 6.23%
Freddie Mac 1.26 -3.82%
US Airways Group Inc 5.35 3.50%
Allegheny Technologies Inc 45.68 3.30%
Dec 24 12:43pm ET †
More Galleries
Biggest losers: Where Americans aren't moving Through most of the decade Florida was one of the fastest growing states. But the sunny clime -- and 6 others -- lost more residents than they gained in the year ended July 1. More
8 hot cars: Class of 2000 In just 10 years, the market's changed a lot when it comes to cars. Where are these models now? The Prius became a hit; the Aztek got killed. More
Obama's Main Street favorites President Obama meets often with small business owners, peppering his speeches with their stories. We checked in with 6 entrepreneurs touted by the President to find out how they handle health care. More
Sponsors

© 2009 Cable News Network. A Time Warner Company. All Rights Reserved. Terms under which this service is provided to you. Privacy Policy. Advertising Practices.
Copyright © 2009 BigCharts.com Inc. All rights reserved. Please see our Terms of Use.
MarketWatch, the MarketWatch logo, and BigCharts are registered trademarks of MarketWatch, Inc.
Intraday data provided by Interactive Data Real-Time Services and subject to the Terms of Use.
Intraday data is at least 20-minutes delayed. All times are ET.
Historical, current end-of-day data, and splits data provided by Interactive Data Pricing and Reference Data.
Fundamental data provided by Morningstar, Inc..
SEC Filings data provided by Edgar Online Inc..
Earnings data provided by FactSet CallStreet, LLC.