The average cost of a gallon of regular gasoline has fallen below the $3 mark for the first time since mid-February.

Prices Nationwide | 2-Year Average

AAA said the average price was at $2.92 per gallon Monday morning. Though 23 states had already seen gas fall below the $3 a gallon mark, the national average didn't get there until Saturday.

A month ago, gas sold on average for $3.80 a gallon.

Oklahoma has the lowest-priced gas in the country right now at $2.485 per gallon. Gas in Alaska, at $3.887 per gallon, is the most expensive.

The lower prices are helped by the fact that the price of oil has been cut by more than half since July. And some expect gas prices to likely fall further, perhaps to $2.50 to $2.60 a gallon, if oil goes down to $50 a barrel as some analysts suggest it could.

Oil prices rose to $73 a barrel in Asia on Monday on expectations that OPEC will cut production quotas at an extraordinary meeting later this week.

Light, sweet crude oil for November delivery rose $1.16 to $73.01 a barrel in electronic trading on the New York Mercantile Exchange by midday in Singapore. The contract Friday gained $1.53 to settle at $71.38.

Chakib Khelil, president of the Organization of Petroleum Exporting Countries, said Sunday that members plan to announce a "substantial" cut at a meeting that begins Oct. 24 in Vienna.

Khelil, who is also Algeria's energy minister, said OPEC may cut output again at a meeting in December, and that the group considers the oil market oversupplied by about 2 million barrels a day, Khelil said.

Venezuelan President Hugo Chavez said Sunday that he would like prices between $80 and $90 a barrel.

Investors largely ignored an OPEC output reduction of about 520,000 barrels a day last month, focusing instead on weakening demand.