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BREAKING 11am 8-20-08 Gasoline Prices Drop for 34th Day In a Row: Down 40 Cents a Gallon
Wednesday, Aug 20, 2008 9:06am
NEW YORK, NY From CNN (By: Tom Pace, Talk of the Town) BREAKING: GAS WATCH 11am 8-20-08 American motorists are breathing a collective sigh of relief, as the country's Gas Watch shows the average price of a gallon of gasoline has dropped nearly 40 cents over the past 34 days.  Locally across Shreveport-Bossier, the price for gas has dropped as low as $3.42 a gallon.

Nationally, CNNMoney reports, the price of regular gasoline fell to $3.717 a gallon from $3.73 a day earlier, according to a survey of gas station credit card swipes from motorist group AAA and the Oil Price Information Service. 

Gas prices have fallen more than 9% since hitting a high of $4.114 a gallon in mid-July, but have gained more than 90 cents over the last 12 months.

There have been several indications that high fuel costs have triggered many Americans to change their habits.

The Energy Department reported Wednesday that gasoline demand has averaged about 9.5 million barrels per day over the past four weeks, which is 1.6% lower than the same period last year.

Meanwhile, a MasterCard SpendingPulse report released Tuesday showed demand for gas has dropped more than 4% from year-ago levels.

As pump prices fall, demand may begin to recover. But it is too early to tell how the falling price of gas will affect demand, according to Beth Heinsohn, senior editor with the Oil Price Information Service.

It will take more than four weeks of data to see if there's a correlation, Heinsohn said. "We have yet to see a really rock-solid measure of consumer behavior," she said.

The recent slide in gas prices comes amid a 22% decline in crude futures from the record $147.27 a barrel they scaled last month.

Diesel: Diesel fuel, which is used to power most trucks and commercial vehicles, fell to $4.359 a gallon from $4.373 a day before, according to AAA.

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