Gas prices could hit $3 by autumn

By Web Producer

Gas prices could hit $3 by autumn

June 22, 2012 Updated Jun 22, 2012 at 4:00 PM CDT

NEW YORK, NY -- Motorists rejoice: those dreaded $5 a gallon of gasoline prices may not be coming after all. In fact, gas could fall below $3 a gallon by autumn, reported USA Today.

Nationally, regular gasoline averages $3.47 a gallon, down 47 cents from this year's high in April.

Crude oil fell below the $80 mark Thursday, attributing to the drop in prices. However, analysts say the financial crisis in Europe and low demand is also pushing gas prices downward.

According to USA Today, Americans in some regions are already paying less than $3 a gallon. In South Carolina, the average price is a U.S. low of $3.06 and nearly 30 percent of service stations are selling gas below $3.

The highest fuel prices remain in California, standing at an average of $3.93 a gallon.

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