Drivers woke up to a treat on Halloween morning with gas prices dipping below $3 a gallon-a first in nearly four years.

It has caught everyone by surprise, so much so that people are pulling over to take photos of gas station signs and sharing them online. The price drop to $2-something per gallon has certainly become a phenomenon, after gas hit the $3 mark in December 2010 due to rising global demand for oil.

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The recent development is attributed to a global oversupply and the changing habits of American drivers. For one, reports say Americans are driving more efficient vehicles, with a gallon of gas getting more mileage than it used to.

The American Automobile Association (AAA) estimates that the continuous price drop saves consumers at least $250 million per day or $50 a month per household, compared to early summer when the national average climbed to $3.68 per gallon.

AAA CEO Robert Darbelnet sees it as a boon to the economy, as American drivers take advantage of lower gas prices "just in time for holiday travel and shopping".

"The steep decline in gas prices has helped to make driving less expensive for the vast majority of Americans who use their car every day," continues Darbelnet. "Many Americans are spending $10-$20 less to fill up the cars on every trip to the gas station compared to what they paid during the summer driving season."

AAA is a non-profit federation of motor clubs in the United States and Canada.

However, current gas prices are not seen to last long. Analysts tips drivers to watch out for "seasonal swings and other factors" that are likely to send it back over $3.

TagsGas Price Drop, US Gas Price, American Automobile Association