The average price of regular gas in Maryland dipped below $2.50 as plummeting crude oil prices on world markets held out the promise of further declines between now and Labor Day.

The Maryland average, as reported Sunday by AAA Mid-Atlantic, is $2.49, down from $2.55 last week. Gas prices have been falling steadily for almost three weeks.

“After weeks of speculation-driven increases, crude oil has surrendered to basic market fundamentals: too much supply and too little demand,” said Ragina C. Averella, Manager of Public and Government Affairs for AAA Mid-Atlantic. “Down more than 10% this week, crude oil is following the recent gas price decline, a trend welcomed by motorists planning to take to the road this summer. Looking ahead, gas prices typically track crude oil prices, therefore we should be looking to continued gas price declines in the coming weeks.”

My bet: You won't see much of an economic uptick before the August economic numbers come out in September. The bulk of the stimulus-related spending on transportation projects won't really get flowing until the late summer and early fall. So don't be surprised if prices get close to $2 long before they challenge $3 again.