TULSA - Gas prices have dropped to $2.99 in Tulsa for the first time since early July.
AAA Oklahoma and QuikTrip officials tell 2NEWS that the decline is due to several factors, including a drop in oil prices, rising supply combined with decreasing demand and the fact that there are no geo-political issues going on abroad.
But many are left wondering if the upcoming presidential election is also responsible for the decline.
"Trust me, there's nobody powerful enough that's going to move economics that way," said Mike Thornbrugh, with QuikTrip. "It they (Mitt Romney or Barack Obama) were that powerful, both of them would wave that wand and fix the economy right now."
The future is looking positive for gas prices.
"We wouldn't be surprised to see prices continue to drop as we head into the end of the year," said AAA Oklahoma's Danial Karnes.
Thornbrugh, however, says the entire nation may see a temporary spike if Hurricane Sandy hits any eastern refineries.
The last time unleaded gas averaged below $3 was in December 2011.