Gas falls from record
Written on July 22, 2008
Fuel prices at the pump fell overnight, a nationwide survey of gas station credit card swipes showed Thursday.
Regular: Regular unleaded retreated nearly a penny to $4.105, down from a record $4.114 a gallon the previous day, according to a daily survey from motorist advocacy group AAA.
In the past year, gas prices have risen 35%. Record high fuel prices above $4 a gallon have been altering consumer behavior, causing Americans to travel less and save money in other areas so they can fill their gas tanks.
Ethanol: The price of E85 ethanol, which is made from corn and other crops, fell slightly to $3.321 a gallon on average. While ethanol is derived from renewable sources, it is also less efficient that gasoline. As a result, E85 costs about $4.37 per gallon to get the same mileage as gas, according to AAA.
Diesel: The average price of diesel fuel, which is used to power most trucks and commercial vehicles, fell to $4.842 from a record high of $4.845 a gallon, according to AAA.
Diesel remains 64% higher than last year when diesel was cheaper than gas.
State prices: The AAA survey monitors credit card swipes at 85,000 fuel stations around the country.
Gas prices in Alaska, the state with the highest prices, shot up to $4.65 a gallon from an average of $4.627 a day before paydayloans. Hawaii also overtook California as the state in second place with prices hitting $4.484. California prices fell a cent to $4.484 on average.
Drivers in South Carolina paid the least for gas at $3.901 a gallon. Hawaii had the highest diesel prices at $5.409 a gallon, while diesel was cheapest in Montana at $4.658.
Filed in: news.