Gas Prices in Record Fall

Gas drops 53 cents in two weeks
By Peter Fearon,  Newser Staff
Posted Oct 27, 2008 3:35 AM CDT
Juan Vera fills his automobile gas tank with $2.09 regular unleaded gasoline at a service station in Taft, Texas.   (AP Photo/Corpus Christi Caller-Times/George Gongora)
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(Newser) – Gasoline prices have dropped 53 cents in the last two weeks, the steepest decline ever, according to the nationwide Lundberg Survey. The national average price for a gallon of regular unleaded is $2.78, Reuters reports. Wichita, Kansas, has the cheapest gasoline, at $2.26 a gallon, and San Francisco gas is the most expensive, at $3.37.

"The drop is unprecedented. It was dictated by the crash in crude oil prices and deepened powerfully by falling US gasoline demand," said the survey director. "The weaker economy suggests that despite a price crash, it's probably not enough to inspire a strong comeback in demand."