Gas at lowest rate since spring '04

Prices of gas tumbles for 82nd day, hits an average of $1.716 a gallon.

EMAIL  |   PRINT  |   SHARE  |   RSS
google my aol my msn my yahoo! netvibes
Paste this link into your favorite RSS desktop reader
See all RSS FEEDS (close)
By Kenneth Musante, staff writer

Do you know anyone who has lost a job recently?
  • I have
  • A friend or family member
  • No

NEW YORK ( -- Gas prices in the U.S. fell for the 82nd day Monday, according to a national survey of credit card swipes.

Regular unleaded gasoline slipped 1.7 cents to a national average of $1.716 a gallon from $1.733 on Sunday, according to motorist group AAA. That's the lowest average price recorded by AAA since March 5, 2004, when gas was selling at an average of $1.715.

Meanwhile average prices tabulated by market research firm Lundberg Survey pegged gas at an average of $1.75 a gallon on Friday, the lowest price Lundberg has recorded since March 12, 2004.

Gasoline prices have plummeted more than 57% since hitting a record high of $4.114 a gallon on July 17, according to AAA. Prices have fallen more than 56 cents in the past month on concerns that the global economy has seriously impacted demand for crude oil, gasoline's main ingredient.

Crude oil prices have fallen more then $100 a barrel since mid-July.

Gas is now selling below $2 a gallon, on average, in every state except Alaska ($2.705), Hawaii ($2.567) and New York ($2.068), according to AAA. The state of Missouri had the cheapest gas at $1.511, according to AAA.

Lundberg, which also tracks prices in major metropolitan areas, recorded the cheapest average price in Cheyenne, Wyo., at $1.46 a gallon, and the most expensive in Anchorage, Alaska, at $2.54.

Diesel: The price of diesel fuel, which is used in most trucks and commercial vehicles, has also dropped.

The price fell 2.7 cents Monday to a national average of $2.637 a gallon, according to the AAA survey.

Diesel prices have also fallen more than $2 a gallon since hitting a record high of $4.845 on July 17.

Ethanol: The price of E85, an 85% ethanol blend made primarily from corn rose 0.5 cents to $1.561 a gallon on average, AAA reported.

E85 can be used in place of regular gas in specially configured "flex-fuel" vehicles, but is not readily available in some states.

The AAA figures, compiled by Oil Price Information Services, are state-wide averages based on credit-card swipes at up to 100,000 service stations across the nation. The Lundberg Survey is based on responses from more than 5,000 stations.

Individual drivers may see lower fuel prices in different areas of each state. To top of page

They're hiring!These Fortune 100 employers have at least 350 openings each. What are they looking for in a new hire? More
If the Fortune 500 were a country...It would be the world's second-biggest economy. See how big companies' sales stack up against GDP over the past decade. More
Sponsored By:
More Galleries
10 of the most luxurious airline amenity kits When it comes to in-flight pampering, the amenity kits offered by these 10 airlines are the ultimate in luxury More
7 startups that want to improve your mental health From a text therapy platform to apps that push you reminders to breathe, these self-care startups offer help on a daily basis or in times of need. More
5 radical technologies that will change how you get to work From Uber's flying cars to the Hyperloop, these are some of the neatest transportation concepts in the works today. More

Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer. Morningstar: © 2018 Morningstar, Inc. All Rights Reserved. Factset: FactSet Research Systems Inc. 2018. All rights reserved. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2018 and/or its affiliates.