Gas Prices And Demand Down
by: Laurie Johnson, September 15, 2011 3:09:10 pm
It's common for gasoline prices to drop off a bit after the Labor Day holiday as routines return to normal and kids are back in school.
But that doesn't mean folks will be able to predict what they'll be spending on gasoline for the rest of the year.
AAA Texas Spokeswoman Sarah Schimmer says the only certainty in the oil and gas market is its uncertainty.
"It can be difficult for families to determine how to budget appropriately for gas and fuel to get from school, work, extra activities, vacations. But I think everyone knows, especially since the recession began in '08-'09, the only thing you can count on is the extreme volatility — the high highs and the low lows and you just have to be ready for what happens in between."
Right now, the statewide average price of gasoline is $3.44 a gallon.
Here in Houston, the average is even cheaper at $3.40 a gallon.
"And what we're seeing is that the demand for gasoline in the U.S. has definitely decreased. The Mastercard Spending Pulse report showed about a six percent decrease from last week to this week."
Schimmer says the slower economy, lack of jobs growth and economic uncertainty lead to less demand for oil, which results in lower retail prices.