National average gas price at $3.07, could drop below $3 a gallon: reports

Average cost gasoline nationwide is hovering near the $3 mark and could soon fall below that, some industry experts say.

The national average was about $3.07 a gallon Wednesday, down about 10 cents from a month ago and nearly 15 cents from a year ago. For AAA.

« Americans appear to be on the brink of the national average falling below $3.00 a gallon and possibly staying there for the first time in years as prices have fallen across much of the country, » said Patrick De Haan, director of oil analysis. Texas-based GasBuddywhich tracks prices at more than 150,000 stations nationwide.

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De Haan said more than 40 states are seeing lower gas prices and with oil dip below $60 per barrel, the downtrend may continue in the coming weeks.

« The good news may not end if — and when — the national average hits the magic $2.99 ​​mark, » he said.

He added that with rising wages and falling fuel prices Americans are are spending less of their income on gas than they have in years.

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States with the lowest gas prices on Wednesday included Texas at $2.65, Wisconsin at $2.67 and Arkansas $2.64 according to AAA.

Meanwhile, the highest gas prices on Wednesday were California at $4.65, Hawaii at $4.48, Washington at $4.46 and Oregon at $4.07.

Two reasons for the ease in the wallet are weakened demand after the summer tourist season and the fact that refineries are switching to a cheaper winter fuel blend, NBC economic correspondent Brian Cheung told TODAY on Wednesday.

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« The reason is that refineries are switching to winter blend, which is a little cheaper to produce, » Cheung told TODAY. « And there just are fewer drivers on the road, because we’re unfortunately over the summer, and that’s why demand is down, gas prices are also going up. »

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The Energy Information Administration (EIA) recently projected that less than 2 percent of people’s disposable income will be spent on gasoline in 2025, down from an average of 2.4 percent over the previous decade and the lowest share since 2005, excluding 2020.

FOX Business’ Daniella Genovese contributed to this report.