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Gas Prices Finally Breach the Three Dollar Level

Oct 19, 2008
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NEW YORK (Oct. 18) -- Gasoline prices continued to slip, tumbling below $3 a gallon for the first time in nearly nine months, according to a daily survey of credit card swipes released Saturday.

Gasoline

The average price of unleaded regular fell to $2.99 a gallon, down four and nine-tenths of a cent, according to the Daily Fuel Gauge Report issued by motorist group AAA. Prices have fallen 30 cents in the last week and 84.4 cents, or 22%, in the last 30 days.

The current national average is $1.12, or 27.3%, off the record high price of $4.11 that AAA reported July 17.

The decline comes as hurricane season winds down and oil prices drop over concerns that a prolonged economic slump would curb demand for energy.

The last time the average price for a gallon of regular unleaded gasoline dropped below $3 a gallon was Jan. 25, when it reached $2.99. Alaska has the most expensive gas with prices averaging $3.92. The cheapest gas is found in Oklahoma with prices averaging $2.58