On Tuesday, oil prices dropped below $100 for the first time since May. So lower gas prices are here.
AAA reported that the fuel price has decreased in the last month, dropping from an average of $4.519 to $4.272 a gallon for regular fuel in the Alamo City. For diesel, the average price fell from $5.105 to $5.055 a gallon over the last month.
KSAT checked some of those locations and went to the H-E-B and 7-Eleven at Marbach Road and Loop 410, where regular fuel was priced at $3.99.
A driver who went to the Dyess Food Mart at 3044 SH-123 S. reported that regular fuel was $3.89 on Thursday morning.
Bexar, Comal, and Guadalupe counties have some of the lowest fuel prices in the state of Texas.
Gas prices are still about $1.56 higher than a year ago.
A lower price for gas is welcome news for many San Antonio residents.
Karr Ingraham a petroleum economist with the Texas Alliance of Energy Producers said:
“If it brings a little gas price relief along with it I think consumers will welcome this. But they wouldn’t welcome a recession and it’s hard to imagine another reason these prices are taking this dip today.”
Western oil refineries are increasing production because of the decline of oil from Russia.
Then the recession and dynamics of the market leave many to wonder about the future price of gas.
Managing director of Chiron Financial Tom McNutty said:
“It’s very hard to forecast right now; there’s a lot of chaos in the market. The market trading off is often a way of saying, I’m just going to play it safe.”
3 Proven Ways to Use Less Gas
WFAA ran an experiment to show how to use less gas while driving. Two cars completed two 50-mile road trips on US 75. Each trip used two different examples.
One car was full of items and had lower air pressure in the tires. Also, the driver drove faster than this drive.
The second car had nothing in the car, the tires were inflated to the maximum amount, and drove 5 - 10 miles below the speed limit, and was on cruise control.
See the results of the two cars:
1. Make sure your tires are filled up.
2. Take out unnecessary things in your car to reduce the weight.
3. Follow the speed limit and use cruise control if possible.
The first trip was much faster, heavier, and used 2.1 gallons of gas which came out to $9.31.
But, the second trip was lighter, slower, and used 1.3 gallons which cost $5.94.
Do these tips help you?