Gas prices declined for the 11th straight day on Monday (July 28), falling to a level not seen since May, according to a nationwide survey of filling station credit card swipes. CNNMoney. Com reported that other fuel prices also continued to fall.
The price of regular unleaded gasoline at the pump slipped 1.2 cents to $3.958 a gallon on average, a daily survey from motorist advocacy group AAA revealed.
A second report from Lundberg Survey Inc. showed that gasoline prices had slipped 12 cents over the past two weeks to an average of $3.9959 a gallon. The latest Lundberg survey was conducted on July 25.
Average gasoline prices first crossed the $4 mark on June 7 when they hit $4.005 a gallon, according to the AAA survey. Prices rose to $3.952 a gallon on May 29 and continued to trend upward to a record high of $4.114 on July 16.
Prices stayed there for two days before beginning their retreat, following a double-digit decline in oil as investors worried that the high cost of fuel was leading to a slowdown in demand.
The average price of diesel fuel, which is used to power most trucks and commercial vehicles, fell to $4.736 a gallon from $4.748, according to the AAA survey.
Diesel remained more than 60% higher than last year. And because of its use in transporting goods, high prices for diesel have affected the prices of other items.