DALLAS (CBSDFW.COM) – As shoppers flooded the malls looking to save, perhaps the best deal on Black Friday could be found at the gas station.
The average price of regular unleaded gasoline in Dallas on Friday was $2.52, according to GasBuddy.com.
Friday also marked the first time crude oil dropped below $70 a barrel in the past four years. The price closed at $66.15. This summer, at its peak, the price was $114.77 a barrel.
“I almost want to cry every time I look at the price,” said Dashan Porter as she filled-up her full-sized SUV at an Arlington gas station on Friday. “It’s great. It will save me at least a hundred bucks this month.”
Unlike door-buster sales, the price at the pump is expected to stick around. Many analysts say it could even fall all the way to $2.00 a gallon.
“If you would have asked me six months ago, I would have never thought it would be this low,” said David Taylor, oil analyst and co-founder of CrudeFunders.
The forecasted decline in gas prices can be traced, in part, to a decision made on Thursday by OPEC. The countries that make up the oil cartel decided not to cut back on production – essentially starting a price war with US producers.
“Basically it’s a giant game of chicken right now,” said Taylor
Taylor for most Texas drillers to make a profit, oil needs to be around $70 a barrel but he said he doesn’t see this temporary drop in the price of oil as ‘the worst thing for our state’.
“I think we will see the crème rise to the top,” Taylor said. “And the price of oil will rise again and we’ll see heavy profits at the end of the day.”
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