Gas prices could drop below $3 a gallon by Christmas

Gas prices across the nation continue to drop giving Americans some much-needed relief at the pump.

According to AAA, the national average for the price of a gallon of gas dropped 12 cents in the past week – making for the steepest weekly decline since early August—nearly four months ago.

The cost of oil also edged lower on fears of economic slowdowns elsewhere around the globe, AAA said.

"Gas prices are dropping nationwide, with some of the largest decreases happening on the West Coast," said Andrew Gross, AAA spokesperson in a statement online. "But the West also has the farthest to fall because its prices are so elevated. For instance, California is still $1.50 higher than the national average."

According to GasBuddy, gas prices could fall below $3 a gallon by the year’s end.

On Friday, the national average for a gallon of gas is $3.44.