Gas-prices hit near 5-year low

A national survey said Sunday that gas prices dipped to $1.75 a gallon – a near five-year low. The Lundberg Survey said that price of self-serve gasoline dropped 22 cents in the past two weeks which is the lowest its been since the $1.74 average seen in March 2004.

Lundberg said the price reductions we are seeing now are due to a drop in crude prices and demand. Prices could drop more if the economic crisis continues to affect the demand of crude oil. Lundberg said that the all-time high average was set on July 11th of this year at $4.11.

The cheapest gas prices have been seen in Cheyenne, Wyoming which is paying $1.46 on average. Detroit, Michigan is seeing an average of $1.61. Miami, Florida is enjoying an average of $1.87 while Los Angeles, California is smiling at $1.83.

Source: CNNMoney