--- title: Gas Prices Expected To Fall, Could Hit $3 Per Gallon | TIME description: Prices at the pump are dropping, and some forecasts have a gallon of gas heading toward $3 a gallon. canonical: https://time.com/video/Z9EyMCQ7/ og:title: Gas Prices Expected To Fall, Could Hit $3 Per Gallon og:description: Prices at the pump are dropping, and some forecasts have a gallon of gas heading toward $3 a gallon. og:url: https://time.com/video/Z9EyMCQ7/ og:image: https://cdn.jwplayer.com/v2/media/Z9EyMCQ7/poster.jpg?width=720 og:type: video.other twitter:card: summary_large_image twitter:title: Gas Prices Expected To Fall, Could Hit $3 Per Gallon twitter:description: Prices at the pump are dropping, and some forecasts have a gallon of gas heading toward $3 a gallon. twitter:image: https://cdn.jwplayer.com/v2/media/Z9EyMCQ7/poster.jpg?width=720 --- # Gas Prices Expected To Fall, Could Hit $3 Per Gallon > Sponsored content. Supplied in partnership with TIME. 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They are at time.com/newsletters and are separate from a paid subscription. ## Video: Gas Prices Expected To Fall, Could Hit $3 Per Gallon [Watch (HLS stream): Gas Prices Expected To Fall, Could Hit $3 Per Gallon](https://cdn.jwplayer.com/manifests/Z9EyMCQ7.m3u8) (1:37)  _Published 2014-09-12. Prices at the pump are dropping, and some forecasts have a gallon of gas heading toward $3 a gallon._ --- Jul 27, 2023 5:14 PM UTC --- ## More From This Series [All Videos](https://time.com/video/) [Why Gas Prices Change](/video/OBpwc4AY/) ### Why Gas Prices Change [Drivers Can Expect Cheaper Gas Prices Heading Into Autumn](/video/6kDI4pwY/) ### Drivers Can Expect Cheaper Gas Prices Heading Into Autumn [Falling Gas Prices Could Reach 2009 Lows](/video/wIHrh2Xt/) ### Falling Gas Prices Could Reach 2009 Lows --- ## Transcript You know, there's been some unexpected news recently. Thursday we found out the ozone layer was apparently starting to heal. The healing process seems to have begun. And now we're hearing that gas prices may soon be going down. What's happening now is gas prices coming down, helping to put more money in consumers' pockets. You probably haven't heard gas prices and coming down in the same sentence in well, maybe your lifetime. But according to reports, a gallon of gas might soon be in the neighborhood of $ 3 a gallon. So, what's behind the price tumble. Apparently good old fashioned supply and demand. The Wall Street Journal quotes the president of an oil consulting firm saying we certainly have plenty of crude- oil supply over the next couple of month. I'm expecting the national average to drop to $ 3. 15 by Halloween, and $ 3. 00 a gallon as a national average is certainly in the cards. And that could mean good news for the economy as a whole. As CBS notes while gas prices drop, consumer confidence tends to go up. Which could translate into an improving economy. But while prices may be falling, a writer for Cleveland. com says there might be only so far they can go, pointing to a report on crude oil production from the US Energy Information Administration, he says prices may fall some. But not tumble. Of course, average gas prices will differ across the country as well. According to AAA, the most expensive can be found in Alaska and Hawaii where it's $ 4. 27 and $ 4. 02 respectively. The cheapest can be found in South Carolina and Mississippi where it's around $ 3. 16 per gallon. ```json {"@context":"https://schema.org","@type":"VideoObject","name":"Gas Prices Expected To Fall, Could Hit $3 Per Gallon","description":"Prices at the pump are dropping, and some forecasts have a gallon of gas heading toward $3 a gallon.","thumbnailUrl":"https://cdn.jwplayer.com/v2/media/Z9EyMCQ7/poster.jpg?width=720","uploadDate":"2014-09-12T19:38:44.000Z","contentUrl":"https://cdn.jwplayer.com/manifests/Z9EyMCQ7.m3u8","embedUrl":"https://time.com/video/Z9EyMCQ7/","duration":"PT1M37S","potentialAction":{"@type":"SeekToAction","target":"https://time.com/video/Z9EyMCQ7/?jw_start={seek_to_second_number}","startOffset-input":"required name=seek_to_second_number"}} ```