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 at lowest rate since spring '04

Prices of gas tumbles for 82nd day, hits an average of $1.716 a gallon.

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

Do you know anyone who has lost a job recently?
  • I have
  • A friend or family member
  • No

NEW YORK (CNNMoney.com) -- Gas prices in the U.S. fell for the 82nd day Monday, according to a national survey of credit card swipes.

Regular unleaded gasoline slipped 1.7 cents to a national average of $1.716 a gallon from $1.733 on Sunday, according to motorist group AAA. That's the lowest average price recorded by AAA since March 5, 2004, when gas was selling at an average of $1.715.

Meanwhile average prices tabulated by market research firm Lundberg Survey pegged gas at an average of $1.75 a gallon on Friday, the lowest price Lundberg has recorded since March 12, 2004.

Gasoline prices have plummeted more than 57% since hitting a record high of $4.114 a gallon on July 17, according to AAA. Prices have fallen more than 56 cents in the past month on concerns that the global economy has seriously impacted demand for crude oil, gasoline's main ingredient.

Crude oil prices have fallen more then $100 a barrel since mid-July.

Gas is now selling below $2 a gallon, on average, in every state except Alaska ($2.705), Hawaii ($2.567) and New York ($2.068), according to AAA. The state of Missouri had the cheapest gas at $1.511, according to AAA.

Lundberg, which also tracks prices in major metropolitan areas, recorded the cheapest average price in Cheyenne, Wyo., at $1.46 a gallon, and the most expensive in Anchorage, Alaska, at $2.54.

Diesel: The price of diesel fuel, which is used in most trucks and commercial vehicles, has also dropped.

The price fell 2.7 cents Monday to a national average of $2.637 a gallon, according to the AAA survey.

Diesel prices have also fallen more than $2 a gallon since hitting a record high of $4.845 on July 17.

Ethanol: The price of E85, an 85% ethanol blend made primarily from corn rose 0.5 cents to $1.561 a gallon on average, AAA reported.

E85 can be used in place of regular gas in specially configured "flex-fuel" vehicles, but is not readily available 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. The Lundberg Survey is based on responses from more than 5,000 stations.

Individual drivers may see lower fuel prices in different areas of each state. To top of page

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
A White House press briefing as told by CNN's sketch artist The White House started banning cameras during some briefings, so CNN sent in sketch artist Bill Hennessy. More
The best gadgets for your next business trip Hotels often lack the resources business travelers need to work efficiently. But fear not: These six gadgets will turn any hotel room into a temporary office. More
Must-have gadgets for business travelers For many business travelers, commuting through airports and enduring flights is the worst part of any trip. Thankfully, these seven gadgets help make life on the road -- and in the air -- much easier. More