(LOS ANGELES, Oct. 14, 2008) — Southland gas prices plummeted by more than a penny a day over the past month, according to the Automobile Club of Southern California monthly Fuel Gauge Report. Despite the sizable drop in recent months, however, prices are at about the same level in most areas as the 2007 record high prices.

The Southern California October average price for regular self-serve gasoline fell nearly 40 cents to $3.449 from the September average of $3.841, and is now $1.33 below the all-time monthly record high of $4.585 set in July. In October 2007, the monthly Fuel Gauge Report average for Southern California was $3.067 – 38 cents below the current monthly average.

The statewide average price of $3.457 is nearly 40 cents lower than the September average of $3.852. The state’s lowest average price is in Tracy, where regular sells for $3.342, and La Habra prices are just a hair higher at $3.346. Tahoe City has the highest price in the state at $3.886.

Nationally, the average price of $3.163 has plunged by nearly 69 cents from the September average of $3.852. Alaska has the highest state average price – and the only average price still above $4 – at $4.071, and Oklahoma has the lowest state average price, at $2.708.

“Gas prices have spent most of 2008 at much higher levels than the highest prices we saw in 2007, and most areas have just recently dropped below those 2007 record levels,” said Auto Club spokesperson Jeffrey Spring. “We still have a way to go before we see prices in Southern California dip below $3 a gallon, but it’s very possible that individual stations could post prices below $3 in the next few weeks if current trends continue.”

In Southern California, the averages for regular and premium grades of gasoline are listed below: