by

Over the past four months, we’ve seen an unprecedented decline in the price of gasoline.Â After hitting its record high of $4.12 on July 14, the national average price of gas has fallen over 40%, and now stands at $2.40 per gallon.

The last time gas prices were this low was back in March of 2007 – or roughly 20 months ago!

With these being pretty tough economic times, this recent decline in prices is certainly welcomed by many Americans.Â That being said, I think I speak for many of us when I say that I certainly wouldn’t mind gas prices dropping a little bit further.

This of course begs the question, where are gas prices going from here?Â Are we going to end up with sub-$2 gas for the first time in four years, or have prices finally bottomed out at the current levels?

According to a recent poll on Daily Fuel Economy Tip, nearly half of Americans believe we’ll end up paying less than $2 for a gallon of gas by the time this “correction” is all said and done.

Here’s how nearly 300 people responded when asked, “How far will the national average gas price fall?”:

48% said prices would end up at or below $2.00 per gallon

said prices would end up 29% said prices would end up between $2.01 and $2.25 per gallon

said prices would end up 23% said prices would end up between $2.26 and $2.50 per gallon

Obviously, this would have been a silly question to ask even just three months ago, but thanks to the air coming out of the commodity bubble, the largest financial crisis since the Great Depression, and the fact that Americans are finally driving less, gas prices have been in a bit of a free fall.

(Some will also attribute this to manipulation by Big Oil in an attempt to help the Republican Party in this election.Â I don’t buy it, but I’ve certainly been wrong before.)

Personally, I don’t believe the national average gas price will drop below the $2 mark.Â While I do believe their is still some downside remaining in prices, I don’t think it’s another roughly 15% below today’s current price.Â Not to mention the fact that if gas does hit the $2 mark, it will have fallen over 50% from this summer’s record highs.

Don’t get me wrong, I would certainly love for that to happen, but I just don’t see OPEC or Big Oil allowing it to get to that point.