Gasoline prices dip — by a penny

The average cost for a gallon of gasoline fell by a penny overnight in southeastern Pennsylvania and in South Jersey, and crude oil dipped today below $90 a barrel, AAA Mid-Atlantic said.

The Philadelphia price fell to $3.12 a gallon. Yesterday it had tied the 2007 peak of $3.13 a gallon, on average, for the five-county area.

In South Jersey, today's price was $2.90 a gallon, on average, the auto club said.

The national average also fell by one cent, to $3.09 per gallon.

Crude oil prices have tumbled this week amid speculation that supplies are rising and a slowdown in U.S. growth will undercut energy demand.

Light, sweet crude for January delivery fell $1.55 to $89.46 a barrel in electronic trading on the New York Mercantile Exchange by midday in Europe. Yesterday, the crude contract gained 39 cents to settle at $91.01 a barrel in choppy trade.

In London, January Brent crude dropped $1.78 to $88.44 a barrel on the ICE Futures exchange.