Surprise! Gas drops under the ‘dreaded psychological barrier’ — $3 a gallon

Surprise! Gas drops under the ‘dreaded psychological barrier’ — $3 a gallon

“Americans consumers are now saving at least $250 million per day on gasoline purchases," AAA says.

Americans can’t believe their eyes: Gas is under $3 a gallon for the first time since 2010, The Associated Press reports.

According to AAA, Saturday marks an end to the longest sustained period of high gasoline prices in the nation’s history: 1,409 days of prices above $3 or more per gallon. AAA says that $3 a gallon is known as the “dreaded psychological barrier.”

“Americans consumers are now saving at least $250 million per day on gasoline purchases, compared to earlier this summer when the national average reached $3.68 per gallon,” said John B. Townsend II, AAA Mid-Atlantic’s Manager of Public and Government Affairs, in a statement.

Compared to 2013’s average of $3.51 per gallon, the typical U.S. household will now pocket $50 more a month, The AP says.

“The inexorable slide in pump prices means it is now costing the average American motorist around $44.85 to fill the typical 15-gallon fuel tank on their vehicles,” Townsend added. “This compares to $55.50 for a fill-up when the price of gasoline reached its 2014 high of $3.70 per gallon on April 28. When filling up a gas tank, that’s a realized savings of $10.65 between now and then.”

Marketwatch notes that gas prices may continue to drop this winter due to lower demand, as well as seasonal trends.

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