The price of oil continues to drop. Prices on Tuesday dropped below $64 per barrel. That is the lowest level since mid-March. 

“There is potential that this could go a long way, since pure supply and demand would dictate a price in the low $50s. But the geopolitical element remains,” said Mike Fitzpatrick, vice president at Fimat USA.

Iran’s oil minister said he wanted to see OPEC’s basket of crudes holding above $60 a barrel, about $64 for U.S. crude, while other officials have in the past mooted a $50-$60 range.

The average price of a gallon of gas is around $2.30 in many metro areas.

In many metro areas, prices averaged less than $2.30 Monday, according to AAA. And only in Hawaii was the statewide average more than $3.

“The reason prices are going down so far so fast is that they shouldn’t have been that high in the first place. Two reasons they were: fear and speculation,” says Mike O’Connor, president of the Virginia Petroleum, Convenience and Grocery Association. It represents gasoline distributors who operate about 4,000 stations.

O’Connor says $2 gasoline “is more likely than unlikely” if the Gulf of Mexico isn’t hit by hurricanes and if there isn’t a flare-up of tensions in oil-producing regions.