SHERMAN, TX -- There is some economic news that’s good for a change this week, as gas prices are dropping to levels we haven't seen in a long time, under $3 a gallon.

The price of oil closed under $88 a barrel on Monday, making the average price for a gallon of gas below $3.50 a gallon nationwide.

But as you have probably seen across Texoma, the price is quickly slipping below the $3 mark. Prices under $3 a gallon have been reported on both sides of the Red River this week.

Experts say this could be the scene for a few more days, if not longer.

Tim Vanmeter of Durant says he has been paying more than $120 at the pump each time he fills up his pickup truck, but Tuesday it was different. He spent less than $70 to fill up.

Gas prices in southern Oklahoma were as low as $2.79 in some places Tuesday.

Customers seem much more relieved to be paying at the pumps now. Ever since this morning, gas prices jumped to$2.99 in Grayson County.

"Now it's great. I was going to the store and turned around and came back here. Saw it was $2.99 and though it was pretty good," Sherman resident Corey Rockins said.

Why the sudden decrease in price??

Fuel officials from Douglas Distributing say crude oil prices declined by more than $6 a barrel Monday, and now retailers are just passing along the savings to motor fuel consumers and that means lower prices.

"By passing the savings on to the consumers people are out driving more and filling their tanks up and traveling again which is good," Douglass Distributing president Matt Willeford says.

Officals from Douglass Distributing say we should expect the gas prices to continue to decrease slightly, but they are expected to go down even more before they plateau.

YOU TELL US! Leave a comment below with any station's gas price, and we'll track the cheapest places to fill up in Texoma.