Gas Prices Down On Recession Fear

There's good news and bad news for motorists. The good news is, gasoline prices are going down. The bad news is, gasoline prices are going down because the market is convinced we're going to have another recession.

The national average price of self-serve regular today is $3.540, down from $3.611 last Friday, according to AAA's Fuel Gauge Survey. That's three and a half cents a gallon less than a month ago.

The average price of diesel fuel today is $3.877 per gallon, down from $3.898 a week ago.

Oil prices responded to the same market forces that drove stock prices off a cliff this week. Fears of a global recession pushed oil prices below $79 a barrel in Thursday's trading.

In its weekly report, the U.S. Energy Information Administration said gasoline stockpiles rose by 3.3 million barrels last week, despite increased exports by U.S. refiners. U.S. refineries operated at about 88 percent capacity during the week.

This week the states with the cheapest gasoline are mostly in the southeast and southwest, with Missouri supplanting South Carolina as the state with the most bargain-priced fuel. The most expensive gasoline this week is found in the northwestern states.

The states with the most expensive gasoline today are:

• Hawaii ($4.235)
• Alaska ($3.997)
• California ($3.909)
• Washington ($3.884)
• Connecticut ($3.857)
• New York ($3.835)
• Oregon ($3.833)
• North Dakota ($3.774)
• Idaho ($3.751)
• Montana ($3.731)

The states with the least expensive gas this week are:

• South Carolina ($3.288)
• Missouri ($3.263)
• Tennessee ($3.338)
• Arkansas ($3.404)
• Oklahoma ($3.417)
• Texas ($3.363)
• Louisiana ($3.374)
• Mississippi ($3.375)
• Alabama ($3.388)
• Virginia ($3.395)