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Gas prices hover around $1.66

Average price at the pump rises 0.1 cent after breaking 86-day losing streak, AAA says.

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By Kenneth Musante, CNNMoney.com staff writer

Have the Fed's rate cuts helped the economy?
  • Yes
  • No

NEW YORK (CNNMoney.com) -- Gasoline prices rose slightly Tuesday after breaking 86 days of declines this weekend, according to a daily survey of credit card swipes.

The average price of regular unleaded rose 0.1 cent to $1.661 a gallon from $1.66 on Monday, according to motorist group AAA.

Average gas prices ticked upward on Saturday for the first time in nearly three months and have remained fairly steady since then, according to AAA.

On average, gas was selling for $2.45 below the record high of $4.114 that was reached in July.

The price of gasoline has fallen along with the price of crude oil, which has shed more than $100 a barrel since July. Oil demand has declined rapidly as the world economy slows.

According to the Transportation Department, Americans drove 100 billion fewer miles between November 2007 and October 2008, compared to a year earlier.

Local prices: Gas is currently selling below $2 a gallon in all states but Alaska, where gas was selling at an average of $2.668 a gallon, and Hawaii, where gas was $2.423 on average.

Gas was cheapest on average in Wyoming, at $1.489 a gallon, according to AAA. Missouri, the first state to see average prices drop below $1.50 a gallon, saw prices tick up 0.4 cents to $1.492.

Out of major U.S. cities, Anchorage, Alaska, has the highest average gas prices, at $2.436 a gallon, according to GasBuddy.com, service that lets motorists post local fuel prices online. Kansas City, Mo., had the lowest average, at $1.349.

Diesel: The price of diesel fuel, which is used in most trucks and commercial vehicles, ticked up Tuesday by 0.1 cent, to a national average of $2.537 a gallon, according to AAA.

Diesel prices have 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, fell 3.5 cents to an average of $1.501 a gallon in Tuesday's survey, according to AAA.

E85 can be used in place of regular gas in specially configured "flex-fuel" vehicles, but it is not readily available in some states.

The AAA figures are state-wide averages based on credit card swipes at up to 100,000 service stations across the nation. GasBuddy prices are averages of local regular unleaded gasoline prices that about 700,000 volunteer gas prices spotters have posted online. Individual drivers may see lower fuel prices in different areas of each state. To top of page

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