Hawai'i gasoline prices fell for an eighth week, with Honolulu's average price for 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, or 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 of highs 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 reported 20 of 34 analysts it surveyed projected 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. Oil reached a record of $147.27 a barrel on July 11.

"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 news release.

AAA Hawaii also reported Hilo prices had fallen under $3 a gallon, ending the week at $2.91 for a gallon of regular.

Wailuku's price remained the highest of the three metropolitan areas surveyed by AAA Hawaii at $3.33.

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