Sluggish Global Economy Brings Another Drop In Pump Prices

The price of gasoline continues its slow and steady decline. Pump prices in Houston and the rest of the state are down for the ninth week in a row.

Gasoline prices usually peak around the Fourth of July weekend. But, this year, that peak came much earlier — in the middle of April.  That's when regular was going for about $3.86 a gallon. 

Sarah Shimmer with AAA-Texas says prices have come down more than 50¢ in the last two months.

"Statewide average — $3.33. It's dropped about 5¢ since about last week.  And, in the city of Houston, we're looking at an average of $3.35.  The Houston average has dropped about six cents since last week." 

Schimmer says sluggishness in the economies of Brazil, India, and China — along with the ongoing financial crisis in the Euro zone — are continuing to bring down crude oil prices.

"All of this is also strengthening the U.S. dollar.  So, right now, that's also impacting the oil and gas market. And we're seeing these prices go lower, because as larger economies tend to slow down, they also consume less oil and gas."

Today's pump prices are, on average, about 25¢ lower than this time last year.  Most Texans are paying up to 30¢ less than the national average.
 

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