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Gas Almost Below $3/Gallon Nationwide: What to Know

/ Source: Associated Press

CNBC's gas pump game

Oct.31.201403:38

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The sight is so surprising that Americans are sharing photos of it, along with all those cute Halloween costumes, sweeping vistas and special meals: The gas station sign, with a price under $3 a gallon. "It's stunning what's happening here," says Tom Kloza, chief oil analyst at the Oil Price Information Service. "I'm a little bit shocked."

The national average price of gasoline has fallen 33 cents in October, landing Friday at $3.00, according to AAA, and will soon dip under $3 for the first time in four years. When the national average crossed above $3 a gallon in December of 2010, drivers weren't sure they'd ever see $2.99 again. Global demand for oil and gasoline was rising as people in developing countries bought cars by the tens of millions and turmoil was brewing in the oil-rich Middle East. Now demand isn't rising as fast as expected, drillers have learned to tap vast new sources of oil, particularly in the U.S., and crude continues to flow out of the Middle East. Seasonal swings and other factors will likely send gas back over $3 sooner than drivers would like, but the U.S. is on track for the lowest annual average since 2010 — and the 2015 average is expected to be lower even still.

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-- The Associated Press

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