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Nationwide, Alaska and Hawaii remained the two states with gas prices still tracking above $4 a gallon. The cheapest gas was now found in New Jersey, where prices averaged $3.431 a gallon.

Gas has fallen about 46 cents from the record high average of $4.114 that AAA reported on July 17, but they are still 83 cents above this time last year.

Drivers are paying an average of $4 for a gallon of gasoline for the first time. AAA and the Oil Price Information Service say the national average price for a gallon of regular gas rose to $4.005 overnight from $3.988.

But consumers in many parts of the country have already been paying well above that price for some time.

The gasoline price record keeps getting broken with each passing day. AAA puts the national average for a gallon of regular at a record $3.95.

It's jumped 35 cents in the past month and is 76-cents-a-gallon higher than a year ago. On Wednesday, it dipped below $126 a barrel, $9 less than last week.

"I wouldn't rule out the possibility that we could get to $4"

At the pump, the national average price of a gallon of regular gas rose 0.8 cent Tuesday to $3.511, according to a survey of stations by AAA and the Oil Price Information Service. via SF Gate