Gas prices expected to stay low for a while

Gas prices expected to stay low for a while

Amarillo, TX - If you've filled up at the gas pump recently, you may have noticed the price of gas is going down. Average gas prices across the Panhandle are just a dime above $2 and in some areas, like Dumas and Childress, the price has dipped below $2 mark.

According to a report by AAA, across the state, drivers are now paying an average of $2.23 for a gallon of regular. That price is eight less than last week and $1.00 less per gallon than last year at this time.

Locally, the price per gallon is even less. Amarillo drivers are paying an average of $2.18.

"They get a big break, they have more money in their pocket," said truck driver Mark Cielke.

Local oil and gas professionals say a price drop in oil is to blame.

"We've seen a significant drop, almost 15% in the price of oil in just the last month alone. So, any time you see a drop in crude oil prices you'll typically see a drop in gasoline prices," said Executive Vice President of Panhandle Producers & Royalty Owners Judy Stark.

Gas prices are known for being inconsistent, especially in different cities across the area. Stark says the price we see depends on the distributing company.

"When you go out and see different prices in Dumas, Dalhart, Borger, or even Lubbock, that typically has to do with the retailer side of it," said Stark.

She adds if a purchaser owns a lot of stores then the volume they purchase is higher and they can get a better price than some of the smaller retail stores.

Stark also says if oil prices stay down, we can expect to see moderate gas prices until the end of the year.

AAA's report state millions of Americans will hit the road for a vacation on last time before the summer ends. This Labor Day is expected to have the lowest gas prices since 2004.