Gas Prices Drop Again, Downward Trend Not Expected to Continue
Average retail gasoline prices in the West U area dropped another 4.9 cents last week, falling to an average of $3.17 per gallon as of Monday.
This compares with a national average that fell 6.6 cents per gallon in the last week to $3.37, according to gasoline price website HoustonGasPrices.com.
Senior petroleum analyst Patrick DeHaan said gas station margins are diminishing and motorists should not expect a continuing downward trend.
“Oil prices rose significantly last Friday, reversing a downward trend. “It was the largest single day jump in recent memory,” DeHaan said. “In some areas of the country, specifically the Great Lakes, gas station margins are fast approaching negative territory, meaning price hikes can be expected there. Other regions may see prices stabilize or jump higher as well. One thing is for sure- the yellow brick road won’t be leading us to cheaper pumps for much longer, something many Americans will undoubtedly tie to the upcoming holiday.”
Including the change in gas prices in West U during the past week, prices yesterday were 21.0 cents per gallon lower than the same day one year ago and are 26.5 cents per gallon lower than a month ago.
The national average has decreased 24.0 cents per gallon during the last month and stands 19.8 cents per gallon lower than this day one year ago.