The average price of regular gasoline in the US has plunged by 4 cents to $2.48 over the period of past two weeks.

According to national Lundberg survey of fuel prices, one gallon of unleaded gas cost $2.48 on Oct. 9, down 4 cents from $2.52 on Sep. 25.

Soaring rate of unemployment is being blamed for the poor demand for fuel, which is giving a tough blow to both, refiners as well as retailers.

Analyst Trilby Lundberg said, "Unemployment is still getting worse and that is the main reason that demand for gasoline is so poor."

It is important to note here that the recent fall in average gas prices appeared at a time when prices of crude oil jumped.

Crude oil futures contract for Nov. settled on Oct. 9 at $71.77 per barrel on the NYSE, up $5.75 from its closing price of $66.02 on Sep. 25.

Cheyenne, Wyoming, reported average price of gas at $2.16 per gallon, the lowest among cities surveyed.

Anchorage, Alaska, with reported the highest average price of gas at $3.23 per gallon.