Average prices at the pump have dropped roughly 10¢ in one week, and drivers in no fewer than 17 states are already paying less than $3 per gallon.
The analysts forecast that $3 gas was in our nation’s future, and indeed, according to AAA data, the average price for a gallon of regular is currently under the $3 mark in 17 states. The gas price tracking app GasBuddy reports that 46% of gas stations around the country are now charging less than $3 per gallon, compared with just 3% one year ago.
Nationally, the average has fallen by roughly a dime over the course of a quick seven days, landing just under $3.09 as of Wednesday. That’s about 25¢ cheaper than what drivers were paying for gas both one month and one year ago, and 60¢ less than prices in spring and early summer 2014. The cost of filling up has been positively plummeting for drivers in states such as Kentucky and Indiana, where gas stations lowered prices an average of 17¢ and 16¢, respectively, during a recent seven-day span.
Overall, the current $3.086 national average is the lowest the country has seen since early January 2011, when it was measured at $3.07. Could prices go even lower? Sure. In fact, that’s more or less what’s expected.
Earlier this fall, experts had predicted the national average would “perhaps” hit $3.10 or $3.15 by year’s end. What this means is that prices have dipped more quickly and sharply than most analysts ever anticipated—thanks to weak demand, increased global production, and the strengthening U.S. dollar, among other forces. Now experts such as GasBuddy’s Patrick DeHaan are projecting that the national average “will break the $3/gallon mark by around Election Day.”
The last time we were under the $3 mark as a country was December 2010. What’s interesting is that people weren’t particularly happy about gas prices at the time—because the average had been roughly 40¢ cheaper one year prior to that. Everything is relative.