Good news! Gas prices are down 11% from a peak in July. Drivers filled their tanks over the weekend as Hurricane Ike barreled through Cuba on its way to the Gulf, where a lot of our oil refineries are located.
Now it seems Hurricane Ike is on a path to southwest Texas, near the Mexico border. News of the changed path caused gas prices to drop 0.6 cents to $3.652 a gallon.
Alaska and Hawaii still have gas prices above $4 a gallon, the highest in the country. New Jersey currently has the cheapest gas, at $3.426 a gallon.
Oil prices have gown down amid heightened concern about weakening demand and in reaction to the onslaught of storms and hurricanes, reports CNNMoney.com. Last week, oil prices fell to their lowest level in five months.
Gas prices have fallen about 11.2%, or 46 cents, from the record high average of $4.114 that AAA reported on July 17, but they are still 83 cents above this time last year.