A gallon of gas for under $3? The number on signs across the U.S. has caught many drivers by surprise -- so much so that they're taking photos.
In the past month, the national average price of gasoline fell $0.30 to $3 on Friday, according to AAA.
"It's stunning what's happening here," Tom Kloza, chief oil analyst at the Oil Price Information Service, told the Associated Press. "I'm a little bit shocked."
Kloza said the average will fall to under $3 by early Saturday morning, for the first time in four years. The highest average price in the continental U.S. is in New York, at $3.37, and the lowest is in South Carolina and Tennessee, both with an average of $2.75.
The drop from last year's average of $3.51 per gallon is worth about $50 a month to a typical U.S. household.
SHUT THE FRONT DOOR!! Would you look at the price of gas. 1st time below $3/gal in years. pic.twitter.com/cC0he3m4Xb
— Penny (@1990pmh) October 24, 2014
Loving the gas price drop up here in the Upstate! pic.twitter.com/NN7A91c4rg
— Kevin Kuykendall (@KevinKuykendall) October 24, 2014
Yup it is the price of gas in Framingham. Not the price of a gallon of water or milk! #fb pic.twitter.com/ejVdV0l68e
— G. Ravishanker (@ravishan) October 24, 2014
When the national average crossed above $3 a gallon in December 2010, drivers weren't sure they'd ever see $2.99 again. Global demand for oil and gasoline was rising, as people in developing countries bought cars by the tens of millions, and turmoil was brewing in the oil-rich Middle East.
Now that demand isn't rising as fast as expected, drillers have learned to tap vast new sources of oil, particularly in the U.S., and crude continues to flow out of the Middle East.
Seasonal swings and other factors will likely send gas back over $3 sooner than drivers would like, but the U.S. is on track for the lowest annual average since 2010 — and the 2015 average is expected to be lower still.
Gas price $2.83 for regular at Costco in NE DC. pic.twitter.com/TYysnTODYq
— Brandon Benavides (@brandontvnews) October 24, 2014
Check out the price I paid for gas just a mile north of the Speedway yesterday! Hope that price continues to fall! pic.twitter.com/rxXmYGH3C6
— John Carter WBTV (@JohnCarterWBTV) October 13, 2014
/Remembering when this was an astronomically high price for gas... RT "@SteveGalloNFL: Sub $3 gas. #Woohoo pic.twitter.com/RHc1frtr1v"
— Benjamin Allbright (@AllbrightNFL) October 11, 2014
Additional reporting by The Associated Press