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Gasoline Prices Keep Falling

Nationwide average is below last year's level

October 29, 2008

Motorists continue to get a break at the gas pump, as the average price of a gallon of unleaded fuel has fallen another 20 cents since last weekend.

On Friday, the AAA Fuel Gauge Report showed the average gas price nationwide was $2.781. On Wednesday it's $2.589.

A year ago, the average price of unleaded regular was $2.875.

The same two dynamics that have forced prices dramatically lower from their mid-July high are still at work, experts say. Fears of a global recession have continued to force the price of oil to lows that were inconceivable just a few short weeks ago. At the same time, American motorists have reduced their driving miles, significantly cutting into demand.

According to AAA, motorists in Oklahoma are filling up for $2.197. Even drivers in Alaska, the state with the most expensive gas, are paying just $3.622 a gallon. Only Alaska, Hawaii, and California have average gas prices over $3 a gallon.

It remains to be seen whether the downward spiral continues, or levels off in coming days. In Wednesday's futures trading, oil prices rose on speculation that the recession might not be as bad as predicted.

Light, sweet crude for December delivery rose $3..38 to $66.11 a barrel on the New York Mercantile Exchange. That's up from Tuesday's closing price of $62.73, the lowest closing price since May 2007.

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