Gas prices hit five-year low

The national average price of regular unleaded gasoline falls to $1.63 a gallon matching a level not seen since February 2004.

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New York (CNNMoney.com) -- Drivers returning home from the Christmas holiday this weekend will be paying less for gasoline than they have in in five years, according to a survey of credit card swipes at service stations across the nation..

The national average price dropped for its eighth consecutive day to $1.630 a gallon, down 1.2 cents from the previous day, according to the motorist group AAA.

The national average last hit close to the current price on Feb. 18, 2004, when it averaged at $1.63.

Prices are down 60% from the record high of $4.114 a gallon touched on July 17.

Gas remains is below $2 in all 48 contiguous sates and the District of Columbia, according to AAA. The highest average gas price was in Alaska ($2.53), while the cheapest was found in Utah ($1.45).

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. To top of page

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