Gas Prices Drop for Fifth Straight Day

Prices at U.S. gas stations dropped for the fifth straight day Monday, continuing to pull back from the record national average price set in July, AAA said.

The national average prices for unleaded peaked at $4.114 a gallon July 17, six days after the price of oil hit its record at $147.27 per barrel, CNNMoney.com reported.

Refinery shutdowns caused by hurricanes Gustav and Ike turned prices upward temporarily, but hurricane damage beyond power outages has been modest. Hurricane season is also mostly over, the report said.

Gas prices have also fallen even though 89 percent of crude oil processing remained closed at more than 30 refineries affected by the storms.

Crude oil prices have dropped even more dramatically, falling 25 percent from their peak.

Most recently oil prices were $109.29 on the New York Mercantile Exchange. Gas prices, off 9 percent from their peak, were at $3.739 Monday, AAA said.