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WASHINGTON, D.C. – The national average price for regular unleaded gasoline fell again this week, dropping 7 cents to $3.55 per gallon, which still stands as the fourth-highest price on record for the calendar date of Aug. 12.
The national average has now declined for 22 of the past 24 days, including an 11-day streak. During those 24 days, the national average fell 12 cents, somewhat offsetting the 20-cent increase that took place July 7-19, according to the latest AAA Fuel Gauge Report.
Tuesday, Aug. 6, marked the first day since June 1 that U.S. drivers paid less at the pump than they did one year ago. Additionally, the year-over-year savings has widened to more than 14 cents, the largest difference since May 14.
National gas prices have fallen nearly 8 cents per gallon so far this month, reminiscent of recent August declines of 6 cents in 2010 and 9 cents in 2011, but far different from last year's 33-cent August surge. Prices may increase over the coming weeks if potential Gulf hurricanes disrupt refinery production and distribution. If no major disruptions occur, though, gas prices could remain flat or continue to decline heading into the mid-September switch to winter-blend gasoline, according to fuel experts.
Drivers in all states but Montana, Wyoming, Idaho and Colorado are paying less for gas than they did one week ago. The Midwest has seen the most dramatic declines, with average prices dropping by 10 cents or more in six states: Missouri (minus 10 cents), Illinois (minus 11 cents), Kentucky (minus 11 cents), Ohio (minus 14 cents), Michigan (minus 16 cents) and Indiana (minus 18 cents).
Twenty-two states are enjoying a monthly savings on gas, but three states -- Ohio, Indiana and Michigan -- have posted price drops of 20 cents or more. That compares to only two states -- Massachusetts and Montana -- where prices have risen by 10 cents or more.