• Jun 26th 2012 at 11:30AM
  • 32
Lower gas prices could mean more Americans on the road ... Lower gas prices could mean more Americans on the road (Credit: USDAgov, Flickr).
Here's some good news for your Tuesday: Gas prices have been dropping quite drastically over the past several weeks and analysts expect the trend to continue.

As of Tuesday morning, the average price for a gallon of regular unleaded gasoline was $3.397 according to AAA, more than 6% lower than prices from one month ago and the lowest average price since early February. Since their peak in mid-July of 2008, gas prices are down $0.66 per gallon or 16%.

Not long ago, Americans were bracing for a dramatic spike in gas prices for the summer of 2012, with many experts believing that prices would easily break the $5 per gallon mark. Now, analysts say that a combination of weak demand and global economic uncertainty has led to a fairly dramatic drop instead.

And fortunately for American drivers, the trend is predicted to continue. According to a recent report by USA Today, analysts expect to see gas prices many of us wouldn't even dream about in the not too distant past.

"The market is suggesting gas below $3 by Halloween, and certainly by Thanksgiving," said Tom Kloza of the Oil Price Information Service to USA Today.

The drop is enticing more Americans to drive and with the Fourth of July holiday coming up next week, you may want to brace for some serious congestion. According to projections from AAA, 42.3 million people will travel more than 50 miles from their homes over the holiday, 35.5 million of whom will be traveling by car. The estimate is a 4.9% increase from last year and ties the past decade's current record of travelers on the road set in 2007.

Lower gas prices could have profound effects on everything from the Presidential election to the overall American economy, but, for the majority of us, it simply means a little extra spending money in our pockets.


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    • 1 Second Ago
  • 32 Comments
      • 3 Years Ago
      Of course...by design...it is election time. The lower than three dollars is what it should have been before it helped bankrupt a nation. Was not just the banks and loans to people who could not pay the mortgage. We no longer have honest leaders. Born a democrat, became a Republican when the Democrats became socialists and now an independent with nobody to vote for. That is the state of our bankrupt nation! Only God...and for those who do not believe in him as I, once an Atheist believed, then forget hope for you have none. Also, keep working and soon 'God Bless America' will be illegal and the blessings is long gone~
      • 3 Years Ago
      Why can't we just recognize lower prices as a good thing for the average joe American citizen. But lo and behold the uniformed righties and lefties have to come out of the woodwork and make this political.
        • 3 Years Ago
        If you don't think this is political, then you're living in a dream world. It is good for us average joe's but it is political nonetheless. http://www.foxnews.com/politics/2012/03/01/schumer-urges-saudis-to-pump-up-oil-production-as-gas-prices-rise/print
      pintaluga
      • 3 Years Ago
      I meant gas
      • 3 Years Ago
      Charli3 Hey Demwit , when was the last time a Refinery was Built in this country ? Now Shut Up Stupid
        • 3 Years Ago
        Ah name calling, the age old sign of immaturity.
      • 3 Years Ago
      Like we can't see through this one too...gas prices have an effect on the Presidential election, I didn't even need to read the last paragraph to know THAT one.
        • 3 Years Ago
        Go ahead and do some research. Saudi Arabia is increasing production against Opecs wishes ahead of the Iran Embargo. So no... it has nothing to do with the election. So shut up and go learn about oil futures.
      • 3 Years Ago
      and the day after the election it will go back up to $3.50
      • 3 Years Ago
      It has already dropped from over a $100 a barrel to $80 a barrel but we haven't seen it drop that much at the pump. Big guess why they are waiting till election time! Obama has to go!
        • 3 Years Ago
        Absolutey, they know if Obama wins he'll do anything to choke off oil exploration in this country.
      • 3 Years Ago
      obama is a such a douche bag........making gas prices go down and every thing.......JEEZ!
      • 3 Years Ago
      Gas prices are already under $3 here... paid $2.87/gal for gas on Sunday.
      • 3 Years Ago
      Gas prices lowered by Fall....Presidential Election in November (i.e. Fall). Nahhhh...these things arent related whatsoever. Sad thing is, there are idiots out there who will think that Obama has something to do with the gas prices lowering. The other sad things are those people vote...and breed.
        • 3 Years Ago
        They aren't related. And if you think they are, you are some ignorant.
          • 3 Years Ago
          Yep... Saudi Arabia is just increasing production, thus lowering demand and prices, out of sheer kindness. I mean it is not like this administration hasn't been urging Saudi Arabia to increase production... oh wait. http://www.foxnews.com/politics/2012/03/01/schumer-urges-saudis-to-pump-up-oil-production-as-gas-prices-rise/
          • 3 Years Ago
          And they just stated that they are going to raise their output in July regardless of OPEC... http://www.nytimes.com/2011/06/11/business/energy-environment/11oil.html?_r=1 So, yes, I would say the administration can have a direct effect since they are one of our biggest allies in that region.
          • 3 Years Ago
          Just like when people think gas prices are up because of Obama. Those people are idiots as well.
          • 3 Years Ago
          Unless you have an understanding of the commodity market, then you really don't go. Google "Saudi Arabia oil output" and look at what they are currently doing.
          • 3 Years Ago
          You have horse blinders on if you think they aren't related. You are the perfect example of my statement "they vote and they breed." Learn proper sentence structure while you're at it.
      almprin06
      • 3 Years Ago
      Lower gas prices?! I blame Obama.
      • 3 Years Ago
      Further proof the gas scam is exactly what we knew it to be....a scam. All those years of lies about how the price is caused by different processing in the summer...bunch of manipulators and liars...
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