Drivers across the country also felt relief at the pump; the current nationwide average sits at $3.700, a drop of 13.5 cents from last week, and within four cents of the pre-Ike price.
Although damage sustained from Hurricane Ike was far less than anticipated, gasoline has been in short supply throughout much of the southeast, and in some areas, supply outages have occurred.
Also making news, oil prices jumped $16 per barrel recently on news of the possible governmental bailout. This jump represented the largest single day price increase since 1984. However, the frenzy was short-lived, as oil prices traded sharply lower in the following days and are now trading in the low $100 per barrel range.
"While motorists saw relief at the pump this week, it is important to remember that they are still paying nearly 90 cents more per gallon-or an average of $14 more to fill up their tank-than they were this time last year," said Linda Gorman, director of public affairs for AAA Arizona.
"With the current economic crisis making headline news, consumers' budgets are being squeezed in all areas. However, now more than ever, we need to demand from our leaders a comprehensive energy policy that will reduce our addiction to foreign oil and our dependency on the volatile market in which it trades within.
"Where pump prices will go from here largely depends on the direction currency exchange rates go in the coming weeks and months," Gorman added. "Since oil is traded in dollars and the dollar continues to lose its value, it will be nearly as important to watch currency rates as it will be to watch gasoline demand and inventory numbers. "If the currency exchange rates remain stable, we should see prices fall sharply lower. However, if the dollar continues to deteriorate, then we could see oil and gas prices head back up."
The cheapest gasoline in the continental United States is in Oklahoma, where unleaded regular is $3.411 per gallon. Georgia drivers are paying the most for fuel in the country at $3.962 per gallon.