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AAA: Gas prices finally dip
Prices come short of another record; average cost of a gallon of regular unleaded falls to $2.266.
April 12, 2005: 6:59 AM EDT

NEW YORK (CNN/Money) - Gasoline prices eased Tuesday after nearly one month of consecutive record breaking gas prices, according to the AAA's daily report.

The average price of a gallon of regular unleaded fell to $2.266 from $2.276 Monday, according to AAA, the largest U.S. motorist organization.

On average, gas prices are highest in California at $2.630 for a gallon of regular unleaded; they're lowest in New Jersey at $2.076.

The previous high, reached before the latest run-up, was $2.054, notched May 26 of last year, according to AAA.

Diesel gas also fell for the first time in weeks to $2.385 from Monday's record high of $2.388 a gallon.

According to the Energy Information Administration, pump prices are expected to keep rising through the Memorial Day holiday in late May, the beginning of the busy U.S. summer driving season.

Although the price of crude oil eased from last week's peak, long-term price supports for crude remain intact -- including strong demand from the United States, rising demand from China and lower non-OPEC production. According to analysts, 40 percent of each barrel of crude goes toward gasoline production.

The secret to surviving near record-high gas prices? Click here.  Top of page

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