(NEW YORK) — Gasoline prices are dropping like a stone because of a glut of oil supplies that pushed the price of crude to under $80 a barrel Thursday — the lowest it’s been in eight months.
Currently, the average cost of a gallon of unleaded regular is $3.47 across the country and if Americans are driving less, they can expect to see prices at the pump come crashing down further as the summer wears on.
Some very optimistic analysts have speculated that gas prices might not only fall under $3 a gallon nationally, but could go as low as $2.50 in some areas of the U.S.
This is a far cry from early April when prices were hovering around the $4 a gallon mark, with fears growing that $5 a gallon were possible by this time of the year.
Copyright 2012 ABC News Radio
Ralph Ellis, CNN
Aaron Smith, CNN Newswire
Kathryn Vasel, CNN