Residents weigh in as Amarillo gas prices drop - KFDA - NewsChannel 10 / Amarillo News, Weather, Sports

Residents weigh in as Amarillo gas prices drop

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According to gas experts, fuel prices in Amarillo are 5.5 cents less than they were last week, averaging at $2.23 a gallon.

Gas experts say this decrease is primarily due to a recent drop in oil prices.

"Oil prices have been at $66 a barrel that pushed gas prices up for the first six weeks of 2018, but then along with the shakiness in the DOW Jones and the stock market, oil prices tumbled back under $60," said Head of Petroleum Analysis for GasBuddy Patrick DeHaan. " A pretty hefty decline in the span of about two weeks, and that's why gas prices then started to fall. They were following the price of oil lower."

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One local resident says she is happy for some long-awaited relief at the pump. 

"I do think they are too expensive," said Amarillo resident and student Mireya Martinez. "I'm a student at Wade Gordon, so I drive Wednesday, Thursday, and Friday to and from Dumas. So I just feel like as a student it is really expensive."

Gas experts say we may experience some stability with pricing. However, this could be short-lived. 

"I think over the next week or two there may be some stability. We could see gas prices go down just a little bit more, but I would say in the one to two week time frame, we'll see the decreases come to an end," said DeHaan. "We may start to see prices going back up here as we progress to the month of March.

Oil prices have already rebounded quite a bit from their low. They're back at about $62 per barrel, so with oil prices going back up, gas prices are likely to follow."

Another resident says she doesn't want gas prices to be too low.

"I like the way they are rather than them being too low because it does put a lot of people out of jobs," said Amarillo resident and mother Shayna West. "It's kind of like job security. The higher it is, the better it is for employees because it's such a huge source of income for families around here."

According to GasBuddy, the national average has decreased 2.5 cents per gallon during the last month and stands 23.4 cents per gallon higher than this time last year. 

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