Could gas prices dip below $3 by the end of the year?

National gas prices for the month of August are at their lowest since 2010, and present predictors indicate that a recent decline could continue.

The national average for a gallon of regular unleaded gasoline Sunday was just over $3.50, according to AAA, the Auto Club Group. On Aug. 1, 2011, the national average was $3.71. It has not dipped below $3.50 during the month of August since then.

The average per-gallon price in Tennessee is just over $3.27. The average gas price in Nashville is just over $3.31, compared with $3.51 a month ago. In Knoxville, average prices for regular are at $3.27, down about 13 cents from last month.

See AAA's gas tracker

"Oil prices decreased dramatically this week, so there's no reason gas prices should go up any time soon," said Mark Jenkins, spokesman of AAA, the Auto Club Group. "In fact, if these conditions continue, prices could eventually slip below $3 a gallon by the end of the year. However, unexpected refinery outages, a spike in oil prices or the mere threat of a hurricane in the Gulf of Mexico could cause gas prices to rise."


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