Great news for motorists: gas prices are starting to decrease.

The average price for regular gas across the country stood at $3.37 per gallon on Friday, marking a drop of approximately 13 cents since last month and nearly 50 cents from the same time last year, according to AAA’s data. Experts predict that, unless something unexpected occurs, prices will continue to decline for the rest of the year.

“If you’re planning a trip, this is a fantastic weekend to travel with prices moving downwards,” noted Andrew Gross, a spokesperson for AAA. “Prices have been decreasing nearly a penny each day.”

What’s causing the drop in gas prices?

This summer, the national average price for regular gasoline struggled to move away from the $3.50 per gallon mark, according to Gross. AAA’s data indicated that prices remained between $3.44 and $3.54 during June and July.

“Suddenly, we’ve seen a shift,” Gross remarked, noting that prices haven’t been this low since March.

Consumers can thank lower oil prices for this relief.

“With oil prices having decreased in the past month, gas prices at the pump are now adjusting accordingly,” explained Matt Smith, an oil analyst from Kpler.

West Texas Intermediate, the benchmark for U.S. oil, has decreased by over 10% since early July. A decline in oil demand from China, which is experiencing an economic slowdown, and ceasefire negotiations between Israel and Hamas have contributed to this drop in oil prices, Smith added.

Are gas prices expected to keep decreasing?

Despite the ongoing drop in gas prices, several factors could disrupt this positive trend.

This year, hurricane season has been fairly calm, but it doesn’t officially end until November 30. Experts warn that any escalation in geopolitical tensions could also drive oil prices back up.

However, Gross mentioned that unless a significant hurricane impacts U.S. refineries or a “global catastrophe” occurs, gas prices are likely to continue their gradual decline throughout the year. This trend will particularly be aided as refineries begin transitioning from summer-grade gasoline to less expensive winter blends in September.

“Looking ahead, consumers can likely expect continued decreases. Therefore, we anticipate prices to drop a bit lower,” Smith predicted. While he doesn’t foresee prices falling below the $3 per gallon mark this year, he considers the current trends “a positive development for our wallets.”

Where can you find the lowest gas prices?

According to AAA, the states with the lowest average gas prices per gallon as of Friday include:

• Mississippi: $2.92
• Oklahoma: $2.94
• Tennessee: $2.96
• Texas: $2.97
• South Carolina: $3.00

Conversely, some states are still experiencing average prices exceeding $3.50 per gallon.

• Hawaii: $4.66
• California: $4.59
• Washington: $4.19
• Nevada: $3.96
• Oregon: $3.82