Gas Prices Expected To Drop Below $3 Per Gallon By Halloween

Dan Evon - Author

Jul. 28 2013, Updated 7:27 a.m. ET

Gas prices are finally heading in the right direction. Industry experts are predicting gas prices to keep falling through the Summer. By Thanksgiving, the national average should drop below $3 per gallon.

Time Magazine reports that the national average, as of today, was $3.45. In the Southern part of the United States the prices were even lower. The average price for gasoline in Alabama, Florida, Georgia, Louisiana, Mississippi, North Carolina, South Carolina, Tennessee, and Texas $3.30 per gallon.

South Carolina is the cheapest place to fill up at $3.04 per gallon of regular gas. California, on the other hand, has the highest average gas prices at $3.93 a gallon.

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USA Today reports that the national average gas price has dropped 50 cents in the last three months and it is estimated to drop another 50 cents by Christmas.

Tom Kloza of the Oil Price Information Service, said: “The market is suggesting gas below $3 by Halloween, and certainly by Thanksgiving.”

The low gas prices come just in time for the Summer travel season (AAA predicts that more than 35 million Americans will take to the roads this fourth of July) and they are expected to drop another 50 cents this Fall.

Energy trader Dan Dicker tells USA Today that people shouldn’t get too excited over lower gas prices this fall. According to Dicker, gas prices always tend to hit their lows in the fall. Dicker said:

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“The fundamentals are all bearish, but we’ve seen lower prices every fall for the past four years, then see prices start to rise again.”

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