Survey: U.S. gas prices approaching $3

NEW YORK, Oct. 11 (UPI) -- The average cost of a gallon of gasoline in the United States is heading toward $3 due to the ailing economy and weak demand, a credit card survey indicates.

CNN/Money reported Saturday an American Automobile Association Daily Fuel Gauge Report indicated the average cost of a gallon of unleaded gasoline fell 5.9 cents nationwide this week to an average cost of $3.29.

CNN/Money said since setting a record high of $4.11 a gallon July 17, the price of gasoline has dropped significantly due to economic worries and a decline in demand.

The 82-cent decrease marks a drop of more than 20 percent since the record high, but the current average price is still 19 percent, or 53 cents, higher than a year ago.

CNN/Money said the current highs for a gallon of unleaded in the United States is in Alaska and Hawaii where a gallon costs $4.09 and $4.05 respectively.