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Gas Price Falls to Lowest Level in 5 Years

The Associated Press.

The average national price of gasoline fell 9 cents in the past two weeks, bringing it to its lowest point in nearly five years, according to a national survey released Sunday.

The average price of regular gasoline Friday was $1.66 a gallon, oil industry analyst Trilby Lundberg said. The price of mid-grade was $1.80 a gallon and the price of premium was $1.92 a gallon.

The last time gas prices dipped so low was in February 2004, Lundberg said, when the national average for regular also was about $1.66 a gallon. The all-time high was on July 11, 2008, when the price peaked at $4.11 a gallon.

Of cities surveyed, the nation's lowest price was $1.37 in Cheyenne, Wyo. The highest price was $2.41 in Anchorage, Alaska. In the continental U.S., the highest price was on New York's Long Island, at $1.92.

Oil prices rose 60 cents to $42.96 in electronic trading on the New York Mercantile Exchange. The contract fell Friday 69 cents to settle at $42.36.


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