Cost of gas is approaching a five-year low

updated 5:45 p.m. ET Dec. 7, 2008

CAMARILLO, Calif. - The average price of U.S. gasoline fell 22 cents a gallon during the past two weeks, bringing it to its lowest level in nearly five years, according to a national survey released Sunday.

The average price of regular gasoline Friday was $1.75 a gallon, oil industry analyst Trilby Lundberg said. The price of mid-grade was $1.90 a gallon and the price of premium was $2.02 a gallon.

The last time gas was cheaper was on March 2004, Lundberg said, when the national average for regular was $1.74 a gallon. The all-time high was on July 11, 2008, when the price peaked at $4.11 a gallon.

Of cities surveyed, the nation's lowest price was $1.46 in Cheyenne, Wyo. The highest was $2.54 in Anchorage, Alaska, and the highest in the continental United States was $2.10 on New York's Long Island.

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