Expert: Gas Prices Could Fall Below $2 A Gallon Later This Year

(CBS) -- Gas are dropping below $3 a gallon in some places.

The best is yet to come, CBS 2's Jim Williams reports.

At a BP station in the South Loop a gallon of gas is still well above three bucks a gallon, but it appears much lower prices are on the way.

In the suburbs, it's not hard to find a price below $3, such as at one gas station in Shorewood.

It was even cheaper where Linda Faine filled her tank. She paid $2.59 on Saturday, she says.

How is this happening? There is less demand in other countries. Greece has a financial meltdown. China is in a recession.

"When you have demand from a country like China dropping significantly in the midst of a recession, it's going to mean there's some more supply available for other folks," Patrick DeHaan Gasbuddy.com says.

DeHaan says it's possible gas prices could be -- hold on to your hat -- under $2 a gallon somewhere in the Chicago area late this fall.

"You have low gasoline demand as the cooler temperatures invade. We switch back to cheaper winter gasoline and refineries," he says.