Fuel prices extend decline

Prices for gasoline, diesel and ethanol retreat again, according to AAA survey.

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NEW YORK (CNNMoney.com) -- Prices at the pump extended their decline overnight, a nationwide survey of gas station credit card swipes showed Tuesday.

Regular: The nationwide average for regular unleaded fell to $4.055 a gallon, down from $4.069 the previous day, according to a daily survey from motorist advocacy group AAA.

In the past year, gas prices have risen more than 36%, causing automakers to make fuel economy and alternative fuels a top priority.

Gasoline price changes typically lag behind changes in oil prices. The price of oil has risen more than 72% over the last 12 months, but plummeted more than $16 last week over concerns that high fuel prices were cutting into demand.

Ethanol: The price of E85 ethanol, which is made from corn and other crops, fell to $3.283 a gallon on average.

While ethanol is derived from renewable sources, it is also less efficient than gasoline. As a result, E85 costs about $4.321 per gallon to get the same mileage as gas as of Tuesday, the AAA survey showed.

Diesel: The average price of diesel fuel, which is used to power most trucks and commercial vehicles, fell a penny to $4.808 a gallon from $4.818, according to AAA.

Diesel remains more than 62% higher than last year when it was cheaper than gas.

Because of its use in transporting goods, high prices for diesel can affect the prices of other items.

State prices: The AAA survey averages credit card swipes at 85,000 fuel stations around the country.

Gas prices in Alaska, the state with the highest prices, fell to $4.664 a gallon from $4.666 the day before. Hawaii, the state with the second highest prices, saw average prices rise to $4.469. California prices fell 1.1 cents to $4.433 on average.

Drivers in Oklahoma paid the least for gas at $3.831 a gallon. Missouri was the next cheapest state for gas with drivers paying $3.861 on average, followed by South Carolina at $3.869.

Hawaii had the highest diesel prices at $5.352 a gallon, while diesel was cheapest in Oklahoma at $4.612. To top of page

Gas continues to sell at to record levels. Are you feeling the pinch? Tell us how gas prices are affecting you and what you're doing to cope. Send us your photos and videos, or email us to share your story.
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