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NORTH TEXAS (CBSDFW.COM) – Despite a very busy summer driving season, the average price of gas in Texas has fallen below two dollars a gallon. Will Speer, a petroleum analyst at GasBuddy.com, said that at this point there’s no telling how low prices will go.
“It was really last year that we started to break a lot of these decade-old records. And the way things are shaping up right now I wouldn’t be surprised if we get even lower than we were last year.”
The culprit — massive inventories of oil and gas and refineries running at full speed. Despite the current low costs Speer said there’s plenty of room for prices to fall as we move into the fall. “There’s still room to switch over to cheap winter blend around September time frame. There’s still time for prices to fall with all the inventory we’re sitting on.”
Traditionally travel increases during the summer months, and while that has been the case this year the number of people filling up is no comparison to storage amounts. “In the summertime we see a big uptick in demand, which we have this year because of how low prices have been,” Speer explained. “But with all this demand we really haven’t made a big dent in the massive inventories.”
It also pays to shop around. It’s easier for gas stations to set their price and make a profit when prices are going down, so the gap between the cheapest and most expensive gas in town can be more than 40 cents.
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