Gas prices sinking toward $2.90 mark

Daily survey shows the national average price for a gallon of gas has fallen nearly 30% from the summer's peak.

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By Ben Rooney, staff writer

NEW YORK ( -- Gasoline prices fell overnight, moving to within 3 cents of the $2.90 a gallon mark after sliding below $3 over the weekend, a survey for the American Automobile Association showed Monday.

The national average price for a gallon of regular gas fell to $2.923 from $2.954 the day before, according to AAA's Daily Fuel Gauge Report, the 33rd straight day that prices have declined.

Gas is down 22% from a month ago and nearly 30% from July's peak price of $4.114 a gallon.

On Saturday, the average price dropped below $3 a gallon for the first time in nearly nine months.

Gas prices in Alaska averaged $3.887 a gallon - the highest in the nation. The state with the cheapest gas was Oklahoma, where a gallon of gas averages $2.485.

The decline comes as the price of oil has fallen sharply. Oil, which makes up about half of the price of gasoline, is down 50% over the last few months as investors fear a global recession will undermine demand for energy.

But the price of oil rose above $74 a barrel in premarket trading Monday after settling at $71.85 a barrel Friday. The rebound comes ahead of an expected production cut by the Organization of Petroleum Exporting Countries.

The cartel, which controls two-thirds of the world's oil supplies, is set to hold an emergency meeting that begins Oct. 24 in Vienna.

OPEC ministers have expressed concern over the rapidly declining price of oil. Chakib Khelil, OPEC's president, said Sunday that members are considering a "substantial" cut and that the oil market is oversupplied by about 2 million barrels a day.  To top of page

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