By . Mark Duell . Last updated at 11:07 AM on 26th September 2011 . Motorists can breathe a sigh of relief, as soaring gasoline prices are now in the rear-view mirror thanks to a sharp drop in the value of crude oil. For the first time in months, retail gasoline prices have fallen below $3 a gallon in places, including parts of Michigan, Missouri and Texas. The national average for regular unleaded gasoline is a more-comfortable $3.51 per gallon, down from a high of $3.98 in early May. Down: A motorist pumps gasoline into his vehicle in Texas. For the first time in months, retail gasoline prices have fallen below $3 a gallon in places . Last week's plunge in oil prices could even push the national average to $3.25 per gallon by November, analysts predict. Economist Philip Verleger equates it to . ‘a stimulus program for consumers,’ leaving them more money for clothes, . dinners out and films. SOURCE: The Lundberg Survey / CNN . Over one year a 50 cents-per-gallon drop in gasoline prices would add roughly $70billion to the U.S. economy. Arthur De Villar, 48, an aviation safety inspector paid $2.96 for gasoline near his home in Manchester, Missouri, a suburb of St. Louis. ‘It's far better to be able to put (the money) anywhere other than in the gas tank,’ the father-of-three said. Prices for oil, gasoline and other commodities dropped last week along with world stock markets over concerns of another recession. Getting cheaper: Juan Zuniga fills up an SUV in Dallas. The relief of lower petrol prices is likely to spread thanks to a sharp decline in the value of crude oil . When economies slow, demand for fuel falls as drivers cut back on trips, shippers move fewer goods and vacationers stay closer to home. Oil fell to $79.85 per barrel on Friday - . a drop of nine per cent for the week. Oil reached a three-year high of . $113.93 in late April. ‘Your bill at the gas pump goes down, . but it's going down because there are worries that people won't have . jobs. The news has not been good' James Hamilton, University of California in San Diego . Economists caution that gasoline savings, while welcome, won't matter much to people if the worst economic fears come to pass. ‘Your bill at the gas pump goes down, but it's going down because there are worries that people won't have jobs,’ Professor James Hamilton, of the University of California in San Diego, said. ‘The news has not been good.’ Gasoline prices remain historically high - averaging $3.56 per gallon this year, the highest yearly average ever. California drivers are paying the most in the lower 48 states - averaging $3.89 per gallon. Missouri drivers are paying the least - $3.21 per gallon.
Sharp drop in crude oil value has pushed down prices .
National average for regular unleaded gasoline is $3.51 .
But it's below $3 in states such as Michigan and Texas .
By . Mark Duell . Last updated at 11:07 AM on 26th September 2011 . Motorists can breathe a sigh of relief, as soaring gasoline prices are now in the rear-view mirror thanks to a sharp drop in the value of crude oil. For the first time in months, retail gasoline prices have fallen below $3 a gallon in places, including parts of Michigan, Missouri and Texas. The national average for regular unleaded gasoline is a more-comfortable $3.51 per gallon, down from a high of $3.98 in early May. Down: A motorist pumps gasoline into his vehicle in Texas. For the first time in months, retail gasoline prices have fallen below $3 a gallon in places . Last week's plunge in oil prices could even push the national average to $3.25 per gallon by November, analysts predict. Economist Philip Verleger equates it to . ‘a stimulus program for consumers,’ leaving them more money for clothes, . dinners out and films. SOURCE: The Lundberg Survey / CNN . Over one year a 50 cents-per-gallon drop in gasoline prices would add roughly $70billion to the U.S. economy. Arthur De Villar, 48, an aviation safety inspector paid $2.96 for gasoline near his home in Manchester, Missouri, a suburb of St. Louis. ‘It's far better to be able to put (the money) anywhere other than in the gas tank,’ the father-of-three said. Prices for oil, gasoline and other commodities dropped last week along with world stock markets over concerns of another recession. Getting cheaper: Juan Zuniga fills up an SUV in Dallas. The relief of lower petrol prices is likely to spread thanks to a sharp decline in the value of crude oil . When economies slow, demand for fuel falls as drivers cut back on trips, shippers move fewer goods and vacationers stay closer to home. Oil fell to $79.85 per barrel on Friday - . a drop of nine per cent for the week. Oil reached a three-year high of . $113.93 in late April. ‘Your bill at the gas pump goes down, . but it's going down because there are worries that people won't have . jobs. The news has not been good' James Hamilton, University of California in San Diego . Economists caution that gasoline savings, while welcome, won't matter much to people if the worst economic fears come to pass. ‘Your bill at the gas pump goes down, but it's going down because there are worries that people won't have jobs,’ Professor James Hamilton, of the University of California in San Diego, said. ‘The news has not been good.’ Gasoline prices remain historically high - averaging $3.56 per gallon this year, the highest yearly average ever. California drivers are paying the most in the lower 48 states - averaging $3.89 per gallon. Missouri drivers are paying the least - $3.21 per gallon.
retail gasoline prices have fallen below $3 a Missouri and Texas. The national average for regular unleaded gasoline is a more-comfortable a 50 cents-per-gallon drop in gasoline prices decline in the value of crude oil . When