Fall gas prices likely to hit four-year low: GasBuddy

SHARE Fall gas prices likely to hit four-year low: GasBuddy

Gasoline prices are likely to be at their lowest in four years when the fall season begins next week.

The average U.S. gas price is expected to hit bottom between $3.15 and $3.25 a gallon this fall, GasBuddy analysts project. Prices will sometimes drop below $3 a gallon in more than 30 states, analysts say. The national average price Tuesday was $3.37 a gallon.

“You may not see $3-a-gallon gas if you live in California, New York, Connecticut, or Chicago,” GasBuddy chief oil analyst Tom Kloza said. “But we believe that more than 30 states could see prices fall below that number during the Christmas shopping season.”

Gas in the Chicago area cost, on average, $3.74 a gallon Tuesday, which was 7.8 cents a gallon less than a year ago, GasBuddy.com reported.

The decline in gas prices was attributed to international crude oil prices coming down from their peak in June, the switch to winter-blend gasoline and lower demand as people tend to travel less during the fall season.

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