AAA: Gas prices in Florida could average less than $3 per gallon by Thanksgiving

A report from AAA says that U.S. oil production has soared to its highest level since 1985, placing downward pressure on oil and gasoline prices.

WTI crude settled at $82.75 on Friday, after dropping below $80 a barrel for the first time in two years on Thursday. The savings at the pump has been created by the U.S. shale boom, according to AAA.

"Motorists are paying $5 to $15 less to fill their tanks than they were around July 4," said Josh Carrasco, spokesman for AAA, in a news release.

Gas prices slid 10 cents nationally to $3.11 a gallon compared to last week, the lowest average since February 2011. Motorists in Florida and Georgia are paying the cheapest rate at the pump in more than two years. The price for a gallon of regular unleaded fell 9 cents in Florida to $3.15 a gallon. In Georgia, the average dropped 14 cents to $3.05 a gallon. Tennesseans are seeing gas prices at their lowest point since December 2010. The average price at the pump in Tennessee is $2.89, down 11 cents from last week.

"Gas prices should continue to fall through the end of the year," Carrasco said. "$3 a gallon and cheaper should become a common sight for motorists. The state averages of Florida and Georgia could be at or even below the $3 a gallon mark as early as Thanksgiving."

Some stations in St. Augustine have already lowered prices to less than $3 per gallon.