Airfare prices dropping

(CNN Money)- Here’s some good news for travelers: It’s getting cheaper to fly.

The average price for domestic airfare dropped 6.2% to $372 in the third quarter of 2015 from 2014, according to the Department of Transportation. That’s the cheapest since 2010.

Fliers can thank the expansion of low-cost airlines and the plunge in oil prices for the drop in ticket prices.

“The major airlines are flying scared and looking over their wing tips at these low-cost carriers that are definitely taking up market share, despite their horrible reputation,” said George Hobica, founder of Airfarewatchdog.com.

The major airlines are being forced to reduce their fares to compete with Spirit and Frontier.

“On some routes, they are matching prices dollar for dollar so we are seeing fares 50% lower than a few years ago,” said Hobica.

Oil’s continued plunge has also been a boon for airlines.

In December, airlines paid $1.46 a gallon for jet fuel compared to $2.32 a gallon in December 2014, according to the Transportation Department.

And the savings might finally be getting passed down to fliers.

Airline companies have reported record profits recently as a result of oil prices and travel demand: The nation’s four top airlines saved $11.1 billion during the first nine months of 2015.