Over the past month the per gallon price of regular gasoline has dropped approximately $1.03 and is expected to remain low for the time being in the face of greatly reduced consumer consumption.

On Wednesday, November 12, figures compiled for the AAA Fuel Gauge Report shows the average price in the U.S. as $2.22, a decline of 90 cents from the same period in 2007 and a drop of $1.89 from the record high of $4.11 in July.

As concerns remain high for the likelihood of a global recession, oil prices are likewise dropping with light, sweet crude for December delivery dropping $3.01 to $59.40 a barrel on the New York Mercantile Exchange for November 12, the lowest price in a year.

In August, gasoline consumption in the U.S. dropped off by 1.8 million barrels a day to 19.3 million. According to figures from the U.S. Transportation Department, from November through August the number of miles Americans drove declined 78.1 billion miles less than the same period a year earlier.

The lowest prices for gasoline in the U.S. was $1.92 in Missouri, with residents in Oklahoma, Ohio, and Indiana paying $1.96.

Nancy Cain, a spokeswoman for AAA Michigan/Wisconsin said, "People are driving less. There may be a slight increase over the Thanksgiving holidays, but generally people are holding on to their money."