Gasoline at 21-month low

AAA survey show average pump price just above $2.20 a gallon after 56 straight declines.

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By Lara Moscrip, CNNMoney.com contributing writer

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NEW YORK(CNNMoney.com) -- Gasoline prices fell to their lowest level in 21 months Wednesday, to just above the $2.20-a-gallon mark, according to a survey for a motorist group.

The average price of unleaded regular gas dropped 1.8 cents to $2.202 a gallon from $2.22 the day before, according to the survey from motorist group AAA.

The last time gas was this low was Feb. 8, 2007, when the AAA reported the price at $2.196 a gallon.

Gas has fallen 56 straight days in the AAA survey, since just after Hurricanes Gustav and Ike battered the Gulf Coast in September.

Prices have dropped 46.5%, or $1.912, from their record high of $4.114 a gallon set July 17, according to AAA. The average price per gallon dropped below $3 on Oct. 18, the first time in nearly nine months.

Gas was down 90 cents from year-ago levels, a decrease of 29.1%. In the past month, prices have dropped $1.004, a decrease of 31.3%.

Even as gasoline prices fall, demand has continued to slip. MasterCard's weekly survey of gas station credit card swipes showed demand down 3.9% last week, compared to the same period last year.

By state, Alaska reported the highest average gas price, at $3.340 per gallon, while Missouri boasted the cheapest, at $1.907 a gallon, according to AAA.

Missouri is one of six states with posted prices below $2 per gallon.

Crude prices, which make up roughly half of gasoline prices, have fallen nearly 60% since hitting a record $147.27 a barrel on July 11. U.S. crude for December delivery fell $3.08 to $59.33 a barrel in New York trading on Tuesday.

The AAA figures are state-wide averages based on credit card swipes at up to 100,000 service stations across the nation.  To top of page

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