BALTIMORE (Map, News) - The rapid retreat in gasoline prices is coming so swiftly that a few analysts predict prices of $2 per gallon by Thanksgiving.

How fast are they falling?

In one day — from Tuesday to Wednesday this week, the price of a gallon of self-serve regular gasoline fell 3 cents to $2.61 per gallon from $2.64 in Baltimore, according to Towson-based AAA Mid-Atlantic.

And that drop was after an 11 cents free-fall over the previous weekend, according to the Daily Fuel Gauge Report from AAA. Baltimore motorists were paying $3.21 per gallon a year ago, according to AAA Mid-Atlantic.

“After six months of misery from skyrocketing prices, consumers are finally sensing they are getting a break at the pumps,” said John Townsend II, AAA Mid-Atlantic’s manager of public and government affairs.

“Although the price of gasoline has fallen to its lowest level since early spring, the reality is, however, we are still paying historically high prices for gasoline.”

Nationally, the price dropped 40 cents per gallon since Aug. 13.

“Some economists say the recent drop in the cost of gasoline gives consumers an extra $2 billion in buying power each month,” Townsend said.

“Now consumers are wondering if gasoline prices will continue to fall and reach the $2 range by Thanksgiving,” he added.

“That’s the prediction of a leading analyst with the Oil Price Information Service, which provides fuel price data to AAA,” he said.

But AAA officials are quick to point out that motorists have forgotten how cheap gasoline used to be not that long ago.

In 1999, gasoline was selling at $1.16 per gallon. In 2002, it was selling for $1.35 a gallon, according to AAA.

“Even if prices continue to fall sharply for the rest of the year we would still likely end up paying more than we have paid in the past,” said Townsend. “Most of us don’t remember what we paid for gasoline a year ago or two years ago. How easily we forget.”

eeldridge@baltimoreexaminer.com