Gas Prices Are Dropping at the Pump

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Many motorists have noticed something different when filling up their cars lately--gas prices at the pump are slowly going down. According to GasBuddy, a website that monitors gas prices around the country, prices have dropped to as low as $3.08 per gallon in South Carolina. See where your state's gas prices are here.

According to an analyst for Gas Buddy, Patrick DeHaan, prices are going down because of a decrease in demand. "Kids are back in school, and people aren't taking vacations or doing as much discretionary spending," he said. "In Northwest Indiana, people aren't spending as much time on their boats in Lake Michigan. There's less vacation travel, and people aren't going to visit their lake cottages."

It makes sense that prices are going down some now that summer is over, and DeHaan also says that price should continue to drop. "Looking forward, we're likely to see additional relief at pumps in the months ahead, and it's quite possible that by the time we're observing Thanksgiving that gasoline prices will be 20 or more cents per gallon lower," DeHaan said. That's great news, particularly for those in Southern states, as a 20 cent drop on current prices would mean that gas would be less than $3.00 per gallon.

According to AAA, the national gas price average has been over $3.00 per gallon for more than 1,000 days. The national gas price average is currently at $3.47 per gallon, so maybe we will come close to ending that streak by the end of the year with a little luck and barring any hurricanes in the gulf or other issues.

A lot of Twitter fans are starting to take notice of the drop in gas prices. How much have gas prices dropped in your area? Respond below.

Main image via YouTube; Article image via GasBuddy