Gasoline prices in the U.S., which reached record levels this summer, have fallen to levels lower at the end of the year than in December last year, thanks to lower demand for fuel and falling oil prices, The Wall Street Journal writes.

The average cost of Regular gasoline on Monday is about $3.28 a gallon, according to the American Association of Motorists (AAA). A year ago, the price was $3.33 a gallon, and it peaked at $5.03 a gallon in mid-June.

“We expect gasoline prices to continue to decline,” said AAA spokesman Devin Gladden, noting that fuel could fall as low as $3 a gallon. That said, much will depend on the future trajectory of oil prices, he added.

North American WTI crude futures fell to $71.2 a barrel at the end of trading last Friday, hitting their lowest since last December.

The cost of gasoline varies greatly from state to state, the WSJ emphasizes. Thus, a gallon of gasoline costs more than $4 on the U.S. West Coast, while in the southern states the price tag has already fallen below $3.