Drivers Get A Break As Gas Prices Drop
by: Laurie Johnson, August 11, 2011 3:08:00 pm
AAA Texas issues its gas price survey every week and monitors trends in the market.
This week the statewide average price at the pump is $3.53 a gallon, eight cents less than last week.
AAA Spokeswoman Sarah Schimmer says prices will likely continue to drop.
"While we're seeing this drop this week, there's still cheaper oil being traded from last week and this week. It's got to work its way through the refinery and distribution process. And it's not unlikely for consumers for congressmen to see maybe prices drop a little bit more in the weeks to come as this cheaper oil works its way through the system down to the consumer."
There's been so much volatility in the market that gasoline prices haven't followed a normal arc. Typically, prices peak right after the July 4th holiday and slowly go down after that. But this year the peak was in early May and dropped off pretty quickly after that.
"It is almost about a 40-cent difference from when we saw that peak price in May til this week, the second week of August. So a pretty significant savings and drop in just a short time, really just a matter of weeks and not of months."
Here in Houston, the average price of gasoline is $3.50 a gallon. That's nine cents cheaper than last week.