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Gas prices near five-year low

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The national average price for a gallon of gasoline declined 9 cents in the past two weeks, making it the lowest it has been in nearly five years, the Associated Press reported.

Last Friday, the average price for a gallon of ethanol-blend gasoline was $1.66, while mid-grade was $1.80 a gallon and premium was $1.92, oil industry analyst Trilby Lundberg said.

In Des Moines, the price for a gallon of ethanol-blend gas has hovered between $1.50 and $1.60 during the past week, making it slightly less expensive than the national average.

Cheyenne, Wyo., reported the nation’s lowest price at $1.37 a gallon, and the highest-priced gasoline was $2.41 in Anchorage, Alaska. New York’s Long Island had the second-highest average price at $1.92.

Lundberg said the last time gas prices dipped this low was in February 2004, when the national average was around $1.66 a gallon. In contrast, the all-time high was this past summer on July 11 when prices peaked at $4.11 a gallon for ethanol-blend fuel.