The average price for a gallon of
We asked Dr. Terrel Gallaway, an
economics professor at
"The economic recovery has been slowing down," he says. "That puts a down pressure on prices. There's also been some over production in the world, so a number of issues."
Nationally, prices dropped nine
cents to $3.41, according to the Daily Fuel Gauge Report. That's the lowest
"The market suggests gas will go below $3 a gallon probably around Halloween or Election Day," said Tom Kloza, chief oil analyst at the Oil Price Information Service, on "CBS This Morning."
He acknowledged the timing -- prices plummeting just as Americans are heading to the voting booths to decide whether or not President Obama will keep his job -- would have conspiracy theorists' heads spinning.
Kloza says that the price reduction
was just part of a natural market cycle, deriving in part by dramatically
decreasing crude oil prices both globally and domestically, higher crude
"Consider that we paid $2.70 or so in 2010, so we've seen this before," Kloza said.
Tepid consumer demand has already played a role in free-falling gas prices over the last 11 weeks, following skyrocketing prices for the first part of 2012.
country's lowest gas prices can be found in the South, where