Retail gasoline prices have dropped about 50 cents a gallon since the spring, and motorists could see them slide 20 cents more before the end of the year.
The national average, which slipped to $3.446 per gallon on Tuesday, should continue to fall at least through the new year, according to the Energy Information Administration.
"There's a lot of relief at the pump," said Patrick DeHaan, a senior petroleum analyst at GasBuddy.com. DeHaan expects pump prices to fall as low as $3.25 per gallon by Dec. 31.
Prices have declined for a few reasons: Motorists drive less in the fall than in the summer, and refineries are allowed to make lower-cost winter fuel blends.
Compared with last year, motorists are buying much less gasoline. MasterCard SpendingPulse, which tracks U.S. retail gasoline purchases, says drivers have cut back at the pump for nearly eight months in a row.
Experts say motorists are cutting back because they can't afford to buy more. Prices flirted with $4 per gallon in May, and a gallon of regular is still about 63 cents higher than it was a year ago. Overall gasoline is expected to be at a record average high of $3.52 per gallon this year.
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