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US gas price lowest in nearly 5 years

(Agencies)
Updated: 2008-12-22 09:10

CAMARILLO, Calif. – 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.

Drivers stage a protest in the streets of Manila demanding that diesel fuel prices be brought down further despite almost weekly reductions in fuel prices. The price of New York oil sank under 34 dollars per barrel on Friday for the first time for more than four and a half years, as weak global demand overshadowed a record OPEC output cut. [Agencies]

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 was also around $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 United States, the highest price was on New York's Long Island, at $1.92.