Low Gas Prices are a Treat Gasoline prices are tumbling, scaring refiners, but giving a welcome treat to drivers. According to government data, many retail markets are seeing prices comfortably under $3.00 per gallon for the first time in almost four years. Reasons include record US oil production, infighting among Middle Eastern oil producers, improved fuel efficiency, and a typical dip in gasoline demand after the busy summer driving season. Many consumers, haunted by memories of prices consistently topping $4.00, are looking for ways to lock in these low prices.