Gasoline prices fell Sunday (Oct. 19) night, moving to within 3 cents of the $2.90 a gallon mark after sliding below $3 over the weekend, a survey for the American Automobile Association (AAA) showed Monday.
The national average price for a gallon of regular gas fell to $2.923 from $2.954 the day before, according to AAA’s Daily Fuel Gauge Report, the 33rd straight day that prices have declined.
CNN reported that gas is down 22% from a month ago and nearly 30% from July’s peak price of $4.114 a gallon.
On Saturday, the average price dropped below $3 a gallon for the first time in nearly nine months.
Gas prices in Alaska averaged $3.887 a gallon – the highest in the nation. The state with the cheapest gas was Oklahoma, where a gallon of gas averages $2.485.
The decline comes as the price of oil has fallen sharply. Oil, which makes up about half of the price of gasoline, is down 50% over the last few months as investors fear a global recession will undermine demand for energy.
OPEC ministers have expressed concern over the rapidly declining price of oil. Chakib Khelil, OPEC’s president, said Sunday that members are considering a “substantial” cut and that the oil market is oversupplied by about 2 million barrels a day.