Gas prices fall for sixth straight day
As Tropical Storm Hanna makes landfall, gasoline prices drop for the sixth day in a row.
NEW YORK (CNNMoney.com) -- Gasoline prices eased for the sixth straight day, even as Tropical Storm hit the Carolinas, according to a nationwide survey of gas station credit card swipes.
The average price of regular unleaded gasoline fell 0.4 cents to $3.670 a gallon from $3.674 a day earlier, motorist group AAA said Saturday.
Gas prices were slightly higher in the Carolinas, as Hanna made landfall on the coast causing some minor flooding. Nationwide, Alaska and Hawaii remained the two states with gas prices still tracking above $4 a gallon. The cheapest gas was found in Delaware and New Jersey, where prices averaged $3.451 a gallon.
Declining oil prices have helped keep gas prices in check. Also, Americans cut back on driving during the typically heavy traffic summer months. In fact, demand for gas dropped off by 3% to 4% during the June-to-August period and driving decreased during the same time frame. It remains to be seen whether the trend will hold.
Crude prices have trended lower amid heightened concern about weakening demand. Crude futures for October delivery fell below $108 a barrel on Thursday as investors appeared to shrug off a surprise drop in the nation's crude supplies. Crude prices settled down $1.66 to $106.23 on Friday, capping off a week of declines that totaled $9.23. It was the lowest settlement price since April 3, when crude settled at $103.83 a barrel.