Gas prices continue to drop in Amarillo

Gas prices continue to drop in Amarillo

AMARILLO, TX (KFDA) - Amarillo's gas prices continue to drop and are down an average of seven cents per gallon since last week.

The cost of crude oil recently dropped below $29 per barrel for the first time since 2003.

As oil prices continue to drop, so will the price you see at the gas pump.

Judy Stark with Panhandle Producers & Royalty Owners Association said the price of oil will continue to decrease for a few more months before it "hits the bottom" and starts to increase toward the end of the year.

She said to take advantage of the cheap gas prices while they last.

"You as a person who fills up your tank of gas on the average will only save maybe $1,000 a year," said Stark. "Maybe $100 a day. But people aren't saving that money, they're spending it on eating out and shopping. This does help the economy, just in a different way than higher oil prices."

With that extra money, Stark suggested keeping track of it and investing in oil stocks.

"Prices are down, there are some good investment options out there," said traveler Phillip Hernandez. "We are putting some money back and thinking about investing in that but we're definitely watching the gas prices for that reason."

The continuous decrease in gas prices is great for the consumer, but no so great for those locally working in the oil industries.

"You're looking at petroleum land men who are being laid off daily," said Stark. "I got emails from people last week that said 'hey Judy, I've lost my job.'"

Stark said the refineries around the Panhandle are helping the area experience less of an economic impact as other places around the country.

For a list of gas prices in Amarillo and across the state, check out this website.

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