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Gas Price Drops To Nearly $4 Per Gallon

11 Cents Cheaper Than Last Week

POSTED: 3:50 am PDT July 25, 2008
UPDATED: 3:55 am PDT July 25, 2008

The price of gas is down again.

AAA's daily Fuel Gauge Report puts the national average price of a gallon of regular Fiday morning at a fraction over $4. That's down two cents from Thursday and is 11 cents better than the all-time high a week ago.

The report puts Oklahoma's gas as the nation's cheapest, at $3.769 per gallon. Alaskans pay the most for gas at $4.680 per gallon.

Still, the pump price is more than $1 per gallon higher than it was a year ago.

This week's price decline reflects a drop in the price of crude oil. It's climbed back up above $126 a barrel in Asia Friday. But the price has fallen in six of the past eight sessions. It's now nearly 15 percent below its peak earlier this month above $147 a barrel.

Energy analysts point to a significant drop in demand. The Energy Department said, over the past four weeks, Americans have used nearly 2.5 percent less fuel than they did during the same period a year ago.

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