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Gas Prices Falling Nationwide


As quickly as they went up, they are going down.
We've all experienced pain at the pump, but lately, prices have been on the decline.

In fact, the statewide gas price average has come down by nearly 35-cents in the past five weeks.

Gas Prices are falling, and it's thanks to a mild hurricane season and fewer supply disruptions.

"I think it's great," Brazos County Resident Suzie Yendrey said. "I'm a local realtor here so I'm always on the road."

Gas prices have dropped for four consecutive weeks. Nationally gas is averaging $2.70 a gallon which is down from $3.06 a gallon in September of last year.

And Texans are paying less than the national average.
The statewide average price of regular, self-serve gas is $2.57 per gallon compared to almost $3 a year ago.

"Well there was a while there that it was costing me $75 or $80 to fill up, but now I can fill it for $55 or $60 it's a lot better," Brazos County Resident John Gibbons said.

For every dollar decline in the price of a barrel of oil, the price at the pump drops 2 1/2 cents.
The price for a barrel was just over $63 Monday, that's down from a record of a little over $78 a barrel.

"As everybody sees the prices going down, they wait off on buying which causes demand to go down and allows it to fall further," Stephen Noel, a Blinn College Economics Professor, said.

And thanks to mild weather, prices are staying low.
Hurricane Katrina wreaked havoc on oil production platforms, resulting in a cut to supplies.

Analysts are predicting prices to continue to fall. Some say prices will reach close to $2 in November.

And even though consumers are thrilled with the decrease
Some would still like to see prices continue to fall.

"They need to go lower," Katrina Clark, a Brazos County Resident said.

And according to some experts it's not a far fetched wish.


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