Gas Prices Drop, Ethanol Remains Steady

The price of retail gasoline has dropped for the last month, bringing the nationwide average down 9% from an all-time high last month.  The average price at the pump has fallen about 9% since hitting a record high of $4.114 a gallon on July 17.  The decline has come in the wake of a 22% drop in crude futures from their peak last month.

Gas prices still remain about 35% higher than a year ago.  The price of E85, an 85% ethanol blend, barely nudged down to $3.051 a gallon on average from $3.052 a year ago, motorist advocacy group AAA reported.  The price of diesel remains nearly 50% higher than a year ago.  

Alaska has faced some of the highest prices along with Hawaii, California, Utah  and Idaho.  Missouri has the cheapest gas prices in the U.S. along with South Carolina, Oklahoma, Tennessee and Arkansas.