Gas Prices Drop Nearly 10% From Last Year

Finally, some good news at the pump. Gas prices fell 9.5% from last July, offering relief while everything else seems to get more expensive.

The national gas price average hit $3.14 per gallon Monday, down from $3.44 a year ago. And analysts say prices could drop below $3 by October—maybe even approaching $2.50.

Why Your Tank Costs Less

Oil producers are flooding the market. OPEC+ cranked up production to grab market share and plans to boost output again in September. U.S. crude production hit record highs above 13 billion barrels daily. Even smaller players like Brazil and Guyana are pumping more.

"We're seeing a lot of supply come to market to outpace demand, so that should weigh on gasoline prices," said Matt Smith, an oil analyst with Kpler.