Gas Prices Fall Another Eight Cents In Last Week

Motorists hitting the road for the long Memorial Day weekend will find the lowest prices at the pump since the middle of April, according to AAA's Fuel Gauge Survey.

The national average price of self-serve regular today is $3.809 a gallon, down from $3.886 last Friday. The average price has dropped 17.6 cents a gallon from its peak on May 5.

The price of diesel fuel is $4.025, down from $4.080 a gallon last week.

The price at the pump has gradually come down amid a drop in oil and gasoline prices on the futures markets, where Wall Street traders have been taking profits and liquidating positions. Traders have been less bullish about the economic recovery in recent weeks, revising their estimates for the world's oil demand.

At the same time, the U.S. Energy Information Agency's latest report shows there is no shortage of either commodity in the U.S. pipeline. In the last week, crude oil inventories rose by over 600,000 barrels, taking stockpiles to near an all-time high.

Gasoline supplies, meanwhile, rose by 3.79 million barrels, due largely to an increase in imports and production and a slowdown in demand, probably because of the high price. Though the price remains high, many consumers undoubtedly feel better seeing the price fall instead of rise.

The states with the most expensive gasoline today are:

• Alaska ($4.281)
• Hawaii ($4.149)
• Connecticut ($4.146)
• California ($4.066)
• Washington, DC ($4.065)
• Illinois ($4.058)
• New York ($4.049)
• Michigan (($3.979)
• Washington ($3.952)
• Rhode Island ($3.936)

 The states with the least expensive gasoline today are:

• South Carolina ($3.560)
• Mississippi ($3.604)
• Missouri ($3.616)
• Tennessee ($3.618)
• Alabama ($3.619)
• Arkansas ($3.648)
• Wyoming ($3.672)
• Arizona ($3.675)
• Oklahoma ($3.676)
• Louisiana ($3.679)