Houston Could Soon See Lower Gas Prices
by: Gail Delaughter, September 12, 2013 9:09:00 am
An analysis from GasBuddy.com shows drivers paid about four cents more for a gallon of gas than they did last summer, but prices only moved about 19 cents between Memorial Day and Labor Day.
In 2012, prices moved close to 43 cents between the highest and lowest averages.
Analyst Patrick DeHaan says prices didn't fluctuate as much during this year's vacation season mainly because of steady production at refineries.
"Not only that but oil prices remained relatively constant. There was some upward pressure on prices but by and large the pressure on oil prices remained kind of held in the middle. That is, even incidents related to Syria didn't push prices up considerably."
The lowest average this summer was on July 4th, when the price for a gallon of regular stood at $3.49.
Two weeks later, the average was $3.68.
But DeHaan expects drivers will soon get some relief, since demand drops once the kids are back in school and people aren't traveling as much.
"And when compared to the prices we saw this summer in parts of the country, that will likely mean savings across the United States of over $175 million a day."
Here in Houston, DeHaan expects prices to fall lower than in other parts of the country.
That's because of the region's many refineries, along with oil production in the Gulf and a low state gas tax.