Houston Gas Prices Fall
by: Pat Hernandez, October 24, 2011 8:10:07 pm
The price in Houston compares with the national average of $3.47 a gallon.
Patrick DeHaan, senior petroleum analyst with GasBuddy.com, says the death of Libyan leader Moammar Gadhafi probably won't impact prices.
"That emotional response likely played into crude oil prices that day — the day he died — but it likely won't factor in, and here's why: because Libyan crude oil is the determining factor here, and crude oil output isn't just going to increase overnight because of his death. There's some progress that has been made, and there's much more that has to be made for Libya to boost their production of crude oil."
He says volatility in prices is all but guaranteed, but not the direction in which they travel. Houston gasoline prices are 2.5 cents lower than they were last month, but almost 61 cents higher than they were this time last year.