Automobile club AAA said that gasoline prices could be below $3 by the weekend and could continue to remain under $3 level for quite some time. This would be a big relief in the festive season and could improve consumer spending on other goods. The AAA report claimed that the average price of gallon of regular unleaded gasoline stood at $3.003.

Lower demand and abundant supplies could keep the gas prices down for medium term. OPEC nations recently announced that they will not reduce production despite the drop in oil prices in the international market. The current gas prices across the country mark the lowest level during the past few years.

American Automobile Association estimates suggest that consumers will save $250 million per day at current level compared to $3.68 per gallon during the summer season.

Bob Darbelnet, CEO of AAA said, “Consumers are experiencing ‘sticker delight’ as gas prices unexpectedly drop below $3.00 in much of the country. Lower gas prices are a boon to the economy just in time for holiday travel and shopping.”

In September, the consumer spending was marginally lower, for the first time in last eight months. Market analysts expect the consumer spending to pick up during the festive season. For the past 48 months, the gas price average has remained above $3.

According to prices listed on Gasbuddy.com, South Carolina had the cheapest gas price at $2.751 followed by Tennessee ($2.759), Mississippi ($2.781), Virginia ($2.787) and Texas ($2.804).

Brent crude was trading at $85.01 per barrel after touching low of $83.47. The crude prices in the international market are expected to remain under $85 per barrel. AAA expects the gas prices to fall further in the coming weeks but the fall will be limited.