Furthermore, analysts say the expectation is for prices to fall to the $3 range by mid-January, at the latest.
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Currently, the average price for a gallon of regular gas in California is $4.51. That's down almost $1 from a month ago and nearly $2 since June.
Meantime, here is where gas prices stand locally: In L.A. County, the average price for a gallon of gas is $4.60. That's down from last month, when the average price was $5.51.
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In Orange County, the average price for a gallon of gas is $4.48 and in Riverside County, the average is $4.46.
MORE | Newsom proposes measure to crack down on price gouging by oil companies
Newsom proposes measure to crack down on price gouging by oil companies