The average price for a gallon of regular gasoline was $3.13 as of Wednesday, down 42 cents from one month ago, after peaking at a record $5.02 earlier this year, according to AAA.
But energy analysts say drivers should enjoy the break at the pump while they can because prices in the new year are set to increase, thanks to a volatile market where global demand continues to outpace supply.
In an annual forecast released Wednesday, the fuel-price tracking service GasBuddy predicted the average will bottom out at around $3 per gallon in February and peak in June at around $4 before ending the year slightly lower with an annual average of $3.