And he said wholesale gasoline futures on Monday for November and December deliveries point to retail prices falling to below $3 for many states at the end of the year. But he said there is still a risk that unexpected gas price spikes could derail this good news for drivers.

"We still don't know what Putin is going to do, or if we're going to get a hurricane hitting the Gulf Coast," he said about factors that could send gas prices climbing once again.

The primary driver of the fall in gas prices is the falling prices of oil, which hit a six-month low in trading Monday, as futures fell another 4% on rising concerns about a global recession. Since June 8, oil futures are down between 24% to 28%, depending on which crude benchmark is used.

Recessions can take a huge bite out of demand for oil and gasoline, as people lose jobs and don't need to commute for work, or pull back on spending and travel less. In 2008, the average gas price plunged 60% between a then record price of $4.11 a gallon in July and the end of that year, as the financial markets meltdown sparked the Great Recession and massive job losses.

Monday's decline was partly sparked by China's central bank feeling compelled to cut interest rates due to signs of a slowing economy there.

"The market took this as a bearish signal on the outlook for oil demand," said Richard Joswick, head of global oil supply analytics at S&P Global Commodity Insights.

And he said wholesale gasoline futures on Monday for November and December deliveries point to retail prices falling to below $3 for many states at the end of the year. But he said there is still a risk that unexpected gas price spikes could derail this good news for drivers.

"We still don't know what Putin is going to do, or if we're going to get a hurricane hitting the Gulf Coast," he said about factors that could send gas prices climbing once again.

The primary driver of the fall in gas prices is the falling prices of oil, which hit a six-month low in trading Monday, as futures fell another 4% on rising concerns about a global recession. Since June 8, oil futures are down between 24% to 28%, depending on which crude benchmark is used.

Recessions can take a huge bite out of demand for oil and gasoline, as people lose jobs and don't need to commute for work, or pull back on spending and travel less. In 2008, the average gas price plunged 60% between a then record price of $4.11 a gallon in July and the end of that year, as the financial markets meltdown sparked the Great Recession and massive job losses.

Monday's decline was partly sparked by China's central bank feeling compelled to cut interest rates due to signs of a slowing economy there.

"The market took this as a bearish signal on the outlook for oil demand," said Richard Joswick, head of global oil supply analytics at S&P Global Commodity Insights.