Gas prices will tumble below $3 a gallon soon, government forecasts

 (CNN) — Prices at the pump have finally started to creep lower, and that trend should significantly accelerate in the coming months, according to new government forecasts.

The US Energy Information Administration said Tuesday the national average for regular gasoline will probably drop to $3.01 a gallon in January. For 2022, gas prices are expected to average $2.88.

That call is based on projections by the EIA for global oil production to increase more quickly than demand next year — especially given the emergence of the Omicron variant. This would be a reversal of the past 18 months, when output has been slow to meet surging demand as the world reopens from Covid-19.

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