Could gas prices drop below $3 a gallon?

5:19 AM, Nov 12, 2013   |    comments
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(Photo: Getty Images)

SACRAMENTO - Gas prices continue to tumble, and motorists are not complaining. 

The cheapest gas you will find in Sacramento is currently about $3.25 a gallon. Our state average is $3.57.  So compared to other states our prices are still much higher, but compared to what we saw earlier in the summer, we'll take these prices any day of the week.

The national average for a price of regular unleaded is $3.18 per gallon. The only reason that average is not at three bucks a gallon is because of states including California, New York, and Hawaii, where it's above the rest.

However, analysts are saying that national average could drop below $3 a gallon very soon for the first time since 2010.

There are a couple of factors for this slide in prices. The increased supply of low-price crude from Canada and North Dakota is a major factor. Also, we've seen a quiet hurricane season and a lack of other disruptions at refineries.

Some states, including include Missouri, Oklahoma, Arkansas, Texas, Kansas and Louisiana are already experiencing prices below $3 per gallon.

But it's not just those states. Nearly 20 percent of gas stations nationwide are already charging less than $3 a gallon for regular unleaded.

More than half of the states in the U.S. are expected to see an average price below $3 a gallon before Christmas.


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