Gasoline prices continued their fall during the past week, with prices dropping 19 cents statewide to $3.079 a gallon for a gallon of regular, according to AAA Hawaii

The group said gasoline prices declined for a seventh week and that Honolulu prices slipped below the $3 a gallon level. It said the average price on O'ahu of $2.961 a gallon today was down 18 cents from a week earlier and 36 cents from the same time last year.

Gasoline prices have been plummeting as crude oil prices recede from the highs reached in July 11 of $147.27 a barrel. Today, crude oil for December delivery touched $54.67 in trading, the lowest since Jan. 30, 2007, Bloomberg News reported. Analysts also are projecting prices may fall further next week as fuel consumption declines further, Bloomberg said.

"This is continued great news for consumers and a good outlook heading toward the upcoming Thanksgiving holiday," said AAA Hawaii Regional Manager Richard Velazquez in a statement released to the press.

"The price of oil fell under $60 a barrel for the first time this week, which could bring us more dramatic relief."

Hawai'i's statewide average price remains the second-highest in the nation after Alaska and compares with the national average of $2.152. During the past year Hawai'i's average prices has fallen more slowly than national prices, according to AAA data.

The Hawai'i average price is 27.5 cents a gallon lower than a year ago, or an 8.5 percent decline.

The national average is 96 cents less, or almost 31 percent lower.

Other figures released by AAA Hawaii show: