Hawai'i gasoline prices fell for an eighth week, with Honolulu's average price of a gallon of regular dipping to its lowest level in 20 months.

The AAA Hawaii Weekend Gas Watch reported Honolulu's price at $2.82 a gallon yesterday, 14 cents less than a week before.

Statewide, the average was down by 13 cents, to $2.94.

Gasoline prices are falling here and nationally as crude oil tumbles off a record high of $147.27 set in July. Lower demand for petroleum brought on by a global economic slowdown has resulted in prices dipping below $50 a barrel this week. Bloomberg News said that 20 of 34 analysts it surveyed expect a further decline in crude prices next week.

The crude oil contract for January delivery fell $7.67 to $49.93 this week on the New York Mercantile Exchange.

"The price of oil fell under $50 for the first time this week, which could bring us more dramatic relief in December," said AAA Hawaii regional manager Richard Velazquez in a press release.

AAA Hawaii also reported that Hilo prices fell to under $3 a gallon, with a gallon of regular ending the week at $2.91.

Wailuku's $3.33 average remained the highest in the three metropolitan areas surveyed by AAA Hawaii.

Even with the recent declines, Hawai'i's gas price remains second-highest in the nation behind Alaska, where the average gallon of regular was $3.08. The national average was $1.99.

The prices are collected from fleet vehicle credit card transactions and represent the combined averages of the last card swipe of the previous day. AAA's data service does not collect the prices for Kaua'i.