Fill 'Er Up: Gas Under $3 For 1st Time In 4 years

NEW YORK (CBSNewYork/AP) -- Motorists are rejoicing over a drop in gas prices that hasn't been seen in years.

"It's stunning what's happening here,'' says Tom Kloza, chief oil analyst at the Oil Price Information Service. "I'm a little bit shocked.''

Shocked that the national average price for a gallon of gasoline fell 33 cents to end October at $3 and dipped on Saturday to $2.995, AAA said.

It marks the first time in four years that the national average for gas has been cheaper than $3.

Global demand for oil and gasoline was on the rise when the national average crossed above $3 a gallon in December of 2010. Drivers then weren't sure if they would ever see $2-something a gallon again.

But, demand hasn't risen as fast as expected with drillers who have learned to tap vast new sources of oil, particularly in the U.S., and crude continuing to flow out of the Middle East.

Seasonal swings and other factors will likely send gas back over $3 sooner than drivers would like, but the U.S. is on track for the lowest annual average since 2010 -- and the 2015 average is expected to be even lower.

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