Gas Prices Headed for $3.00 and Under for Summer and Fall Travelers

According to recent estimates, the price of gas should continue its recent fall toward the $3.00 mark going into the summer travel season. By the Fall some estimates forecast that some of the cheapest gas prices will go below $3.00.

This week, the average price of gas across the U.S. was just under $3.50 which are a far cry from some early estimates that the country would have seen the price of gas surge above $5.00 per gallon by now. The price coincides with the per barrel price of crude oil which now hovers around $80.

The drop is gas prices, which should continue through the Fall holidays and come as good news for travelers and shoppers, appears to be a result of supply and demand. While the supply of gas in the form of oil inventories is at some of the highest levels in decades, consumer demand is down.

Over the last few years with several spikes in gas prices, consumers have begun to change their driving habits as well as move to more fuel efficient vehicles including hybrids and several new electric cars. Some believe that if consumers remain frugal, and not go back to being wasteful with the lower prices, the lower gas prices could stay for some time.