Gasoline Could Drop Below $3 by the Fall

Gasoline could fall below $3 a gallon by the fall, in contrast to predictions earlier this year that it would approach $5, USA Today reported Friday.

Analyst Tom Kloza of the Oil Price Information Service told the paper that the national average price could drop below that level by Halloween or Thanksgiving, largely due to plunging crude oil prices.

Gas prices have fallen more than 40 cents in 11 straight declines, according to the Department of Energy, while diesel prices have fallen for 10 straight weeks.

Oil prices plunged to below $80 a barrel on Thursday — the first time they finished below that level since early October.

DOE will release its weekly survey of diesel and gasoline pump prices Monday afternoon in Washington.