Gas prices below $3 and falling

Report shows that prices declined to $2.781 as Americans drive less.

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By Lara Moscrip, contributing writer

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NEW YORK ( -- Gasoline prices fell overnight, settling to prices not seen since this time last year, a survey for the American Automobile Association showed Friday.

The national average price for a gallon of regular gas fell to $2.781 a gallon, down 4.1 cents from the day before, according to AAA's Daily Fuel Gauge Report. The last time gas was near this price was Oct. 4, 2007 at $2.7789 a gallon.

Today marks the 37th straight day that prices have dropped. Gas is down 32.4%, or $1.33, from the record-high price of $4.114 that AAA reported in mid-July.

The last time the average price for a gallon of regular unleaded gas was near the current price was on Oct. 17, 2007, when gas hit $2.795. On Saturday, the average price dropped below $3 a gallon for the first time in nearly nine months.

Alaska has the most expensive gas in the nation at an average of $3.784 a gallon, while Oklahoma has the cheapest gas at $2.378 a gallon.

Demand for gas is dropping, as Americans drive less and consume less gas compared to last year. In August, Americans drove 5.6% less, marking the biggest single-month decline in miles traveled since the government collected data. Gas consumption for the past four weeks averaged 8.8 million barrels a day, or 4.3% lower, according to the U.S. Department of Energy,

Oil prices

Oil prices fell Friday to their lowest point since May 2007 even as OPEC announced it would cut production by 1.5 million barrels a day starting in November.

U.S. crude for December delivery fell $3.96 to $63.88 a barrel in electronic trading. Oil hit a low of $62.85 after the news of the cut broke at about 5:10 a.m. ET. It was the lowest level for oil prices in more than 17 months. To top of page

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