Gas prices could drop to the $3 mark for the first time in four years as a swelling oil supply drives crude prices sharply lower, according to a recent analysis by AAA.

The national average price for a gallon of gasoline dropped to $3.05 last week due to falling crude oil prices, lower gasoline demand and cheaper winter-blend gasoline at the pump, according to AAA. The last time the national average reached $3 per gallon was May 2021.

As of Tuesday, West Texas Intermediate (WTI) futures are trading around $57 per barrel.

Cheaper oil prices benefit consumers as crude makes up the largest portion of the cost of a gallon of gasoline. It currently accounts for 51% of the price of gas, according to the Energy Information Administration (EIA).

AAA’s report aligns with projections issued by

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