Gas prices dropping to lowest levels in years

Latest on Gas and Fuel Costs

August 13, 2013 3:44:23 AM PDT
You're not hallucinating when you see the price at the gas pump this week. It is indeed cheaper to fill your tank, and gas prices may go lower yet.

The price of regular unleaded in New York is $3.87, down 3 cents from last week. In New Jersey, it's $3.50, down a nickel, and in Connecticut, it's 3.95, down 4 cents.

The good news for summer travelers is that gas prices are coming down. The national average for a gallon dropped to $3.56, down a nickel.

And experts say this is just the beginning. By autumn, after the peak summer driving season, prices could fall to $3.40.

And after three straight years of rising prices, the gas average for next year is expected to be $3.37, the lowest average since 2010. But don't look for prices to fall much more.

"The days of a national pump price below $3 is probably a thing of the past," AAA's Chris Plaushin said.

Just last month, gas prices shot up 15 cents in one week, causing big pain at the pump. But today, prices are better.

According to one gas survey, Charleston, South Carolina, has the nation's lowest average price at $3.27.

According to AAA, the national average is falling because crude oil prices are lower. And if there are no major hurricanes threatening refinery production, the motor agency predicts prices will stay the same or fall even more.