Gas sells for less that $3.00 since December 2010

It's no trick, but a very big treat. The average price of gasoline has just fallen below $3 per gallon in the United States for the first time over 46 months, according to GasBuddy.

"We have been watching the average fall since June, a rare feat that we had predicted in our 2014 forecast, but to see the magnitude of the decline over the last month has been astounding," said Patrick DeHaan, senior petroleum analyst with GasBuddy. "And to cap it off, the U.S. average dipped below $3.00 per gallon just minutes ago, and currently sits at $2.999."

The last time the national average was under $3 was on December 22, 2010, when it stood at $2.995 per gallon.

Average retail gasoline prices in Missouri have risen 1.1 cents per gallon in the past week, averaging $2.83/g last Thursday, according to GasBuddy's daily survey of 3,940 gas outlets in Missouri. This compares with the national average that has fallen 3.9 cents per gallon in the last week to $2.99/g, according to gasoline price website GasBuddy.com.

Including the change in gas prices in Missouri during the past week, prices yesterday were 9.1 cents per gallon lower than the same day one year ago and are 25.8 cents per gallon lower than a month ago. The national average has decreased 33.0 cents per gallon during the last month and stands 27.9 cents per gallon lower than this day one year ago.

"This past weekend we witnessed the national average declining under $3/gallon for the first time since December 22, 2010- an impressive feat that seems to have caught many motorists by surprise," added DeHaan.

"We have two different scenarios for gas prices from here on. If oil prices hold their current $80 level, gas prices nationally may see their decline wind down, only dropping another few cents. But if oil prices can drop to $78 or less, we could see the national average decline for several more weeks. It's hard to tell right now which way the market will go, since oil prices have halted their decline in the last week," he noted.

"With the global decline of crude oil prices matched by the strong fuel production reported both in the U.S. and other major producers worldwide this milestone became inevitable," DeHaan said.

How much lower could gas prices go? "That's the question everyone's asking and we're cautiously optimistic that the national average could fall further, perhaps by another 5 to 10 cents per gallon before year's end. Some parts of the country such as the Southeast might see a greater decrease," said Gregg Laskoski, another senior petroleum analyst with GasBuddy. "The next OPEC meeting is November 27 and that may give us an indication of whether or not OPEC might try to curb production. If it does, that might stop the slide of oil prices. "

-source, GasBuddy®