Gas Price Rise Stalls Just Shy Of $4 A Gallon

The average price of gasoline in the U.S. went down today for the first time in weeks. It offers motorists hope that the painful price rise may have peaked, at least for now.

The average price of self-serve regular gas today is $3.984 a gallon, up from $3.909 seven days ago, according to AAA's Fuel Gauge Survey. But what's notable is, after a string of daily increases, the price is slightly lower than yesterday's average - $3.985 a gallon.

Diesel fuel prices rose a two cents a gallon, with the average price at $4.166.

If gasoline prices begin to retreat, just shy of hitting $4 a gallon, it will likely be attributed to this week's steep drop in crude oil prices. In futures trading, investors abandoned their crude oil positions on world markets and the market price of U.S. crude fell below $100 a barrel Thursday.

Commodities in general have lost value over the last couple of weeks as investors digested news that the Federal Reserve was ending its policy of stimulating the economy, which many assumed to be causing inflation. At the same time, there was growing evidence that the steep gas prices, which are close to the record high set in July 2008, are beginning to have a negative impact on the economy.

While crude oil prices are down well over 10 percent in the last few trading sessions, the retail price of gasoline is slower to respond. But most industry watchers expect prices at the pump to begin coming down in the days ahead.

The states with the most expensive gasoline today are:

• Hawaii ($4.594)
• Illinois ($4.317)
• Alaska ($4.293)
• Connecticut ($4.279)
• California ($4.275)
• Michigan (($4.239)
• Indiana ($4.226)
• New York ($4.175)
• Washington, DC ($4.174)
• Wisconsin ($4.114)

The states with the least expensive gasoline today are:

• Wyoming ($3.641)
• Montana ($3.722)
• Colorado ($3.723)
• Utah ($3.744)
• South Carolina ($3.751)
• Mississippi ($3.766)
• Tennessee ($3.786)
• Arkansas ($3.808)
• Oklahoma ($3.831)
• Missouri ($3.853)