Officials say gas prices to remain low for Thanksgiving break

Officials say gas prices to remain low for Thanksgiving break
(Source: kfda)

AMARILLO, TX (KFDA) - Retail gas prices continue to tumble in Texas, with a seven-cent decrease statewide.

Officials say gas prices to remain low for Thanksgiving break

The seven-cent decrease we’re seeing is being compared to prices from last week, which have brought gas prices in Texas to reach $2.45 per gallon.

Patrick Dehaan, Head of Petroleum Analysis at GasBuddy, explains why we are seeing this decrease.

“We’re seeing fairly robust declines in gas prices across all 50 states, so this is not just Texas or the south. All 50 states saw gas decline in the last week or two,” said DeHaan. “Certainly the price of oil going down affects not only taxes but the entire country.”

Officials say drivers across the U.S. are paying six cents less for gasoline this week at an average of $2.73 per gallon and nearly half of the country’s top ten states with the largest weekly decreases are coming from the south and southeast states.

“The OPEC Nations have started releasing more oil and that drove down the price of oil on a price per barrel situation, which in turn causes gasoline prices to go lower,” said Judy Stark, President of Panhandle Producers & Royalty Owners. “Technically this is kind of a stabilization process of our markets. It’s a pretty decent drop in prices when you start looking at it. It’s good for people buying gasoline, we get a little bit of a break and I think you’re gonna see it for a little while.”

A survey of the major metropolitan areas in Texas said drivers in Midland are paying the most on average at $2.97, while drivers in Shermon-Denison are paying the least at $2.26 per gallon.

Here in Amarillo, the average price is between the two at $2.41 per gallon.

DeHaan said, “I think we’ll continue to see it through Thanksgiving. I think prices will move lower, and prices may bottom out sometime in early to mid December.”

Officials say with Thanksgiving around the corner, motorists could pay the lowest prices for gas since April.

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