December 28, 2008

Prices at Pump Average $1.627 a Gallon

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NEW YORK --- Gasoline prices dropped for the ninth straight day, according to data from a survey of credit card swipes at service stations across the nation. 

Released on Sunday, the survey revealed that the national average price dropped to $1.627 a gallon, down 0.3 cents from the previous day, according to the motorist group AAA.

The national average last hit close to the current price on Feb. 5, 2004, when it averaged at $1.627, CNNMoney.com reported. Prices are down 60 percent from the record high of $4.114 a gallon reached on July 17.

Gas is below $2 in all 48 contiguous sates and the District of Columbia, AAA reported. The highest average gas price was in Alaska ($2.52). The cheapest was in Missouri ($1.44). The AAA survey results, compiled by Oil Price Information Services, are state-wide averages based on credit card swipes at up to 100,000 service stations across the nation. 

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