Gas Prices Expected to Drop Below $3.00 a Gallon
Analysts predict that gas prices will soon drop below $3.00 a gallon, a first in four years.
According to AAA and GasBuddy, lower prices at the pump are expected due to a decrease in oil prices, which have fallen below $60 a barrel.
The national average gas price has dropped more than 5 cents to $3.057 a gallon, down from $3.110 a week ago and $3.186 a month ago.
AAA attributes the decrease in gas prices to lower demand after the summer travel season and the introduction of cheaper winter-blend gasoline.
Lower gasoline demand with the end of the summer travel season and cheaper winter-blend gasoline at the pump are driving lower prices at the pump.
Last year, the average gas price at this time was $3.203 a gallon.
Author's summary: Gas prices may drop below $3 soon.
- National average gas price: $3.057 a gallon
- Decrease from last week: 5 cents
- Decrease from last month: 13 cents
- Oil price: below $60 a barrel