In the last two months, the national average has plunged more than 75 cents, to $2.26 a gallon.
Across the country, oil and gas experts say Americans may see prices continue to drop for weeks, if not months.
That could change however after today's announcement by the oil producing cartel OPEC that it would cut crude oil production by 1 million barrels a day by the end of the month.
Other factors that could affect prices include severe weather this winter and a rise in Mideast tensions.
Drop Welcome After Months of Pain at the Pump
Just months ago, gas prices were soaring - with a war in Lebanon and fears of a possibly horrific hurricane season.
Back then, people were hawking their valuables, even selling their blood to buy a tank of gas.
In some spots, prices reached a wallet-whopping $4 a gallon.
In August, the national average for a gallon of regular gas spiked to more than $3.
The highest prices are out in California; the lowest, on the Gulf coast.
Prices May Fall Further
"We think prices will continue to decline until about mid-November, maybe the Thanksgiving Day holiday," said Robert Sinclair of AAA.
The price plunge pumps the economy, leaving more cash in the pockets of consumers and helping fuel record highs for the stock market.
Can prices go lower? Yes - experts are predicting them to drop 30 cents to 60 cents more.
"Sure, we could see them get down to $2 or less," said Jon Hilsenrath of The Wall Street Journal.
"It's a moment to breathe a little bit of a sigh of relief, but I wouldn't build your family budget around it," Hilsenrath said.
This story taken from ABC NEWS
Multiple departments fight a huge fire at an East Texas plant Wednesday evening.
Will it be Texas? That is the question. Amazon has announced that they are proceeding to the next step in determining where their second United States headquarters will be located.
Tyler Police: For some medical and trauma emergencies, law enforcement officers happen upon a scene before Emergency Medical Services (EMS) providers.
A Longview woman arrested Wednesday on Dallas County warrants allegedly assisted in trafficking a juvenile for sex at Dallas, Longview and Tyler hotels.
A Wednesday night fire at Trinity Industries may have been caused by a mechanical malfunction, an official said Thursday.