Phew! Gas Sinks Below $4

Diesel down as well, but still high; ethanol hovers in the low $3 range
By Harry Kimball,  Newser Staff
Posted Jul 26, 2008 1:04 PM CDT
Phew! Gas Sinks Below $4
"Low" prices in Texas.   (AP Photo)

(Newser) – Gas prices dipped below $4 today for the first time in almost 2 months, CNN reports. A survey by AAA showed that a gallon of regular cost an average of $3.983, 2 cents lower than yesterday. The move continues a trend over roughly the last week in which prices have dropped 10 cents, and they could fall an additional 25 cents by the end of summer, AAA says. The drop mirrors a similar fall in the cost of crude oil.

"We think it is primarily in reaction to the drop in demand by American consumers," said a AAA spokesman.

(Read more gas prices stories.)

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