Economists say consumers could be paying less than $3/gallon for gas by Halloween

CINCINNATI - There may finally be some significant relief at the pump. Experts predict that gas prices could fall to $3 a gallon, or less, by this autumn.

Right now the average price for a gallon of regular is $3.47, according to USA Today . Officials with the Oil Price Information Service say that because crude oil prices continue to fall and wholesale gasoline contracts for autumn delivery is declining, they predict that gas could be below $3 by Halloween and definitely by Thanksgiving.

Falling gas prices could impact everything from how much consumers spend to the presidential elections. "You're talking about roughly $114 billion in extra consumer spending power," said Nigel Gault, a U.S. economist, to USA Today. "That's a big deal if overall consumer spending is up 2 percent to 2.5 percent this year."

Not all experts believe the decline will last. Some say that the price of gasoline will be largely impacted by what happens with Europe's economy.

For the latest gas prices around northeast Ohio go to http://www.newsnet5.com/subindex/traffic/gas_prices .