Fuel prices fell by another 5 cents per gallon last week in the Houston area, bringing gasoline costs to their lowest levels since March.
The average price for a gallon of regular unleaded in the Houston region is $2.21, while the national average dipped by another cent down to $2.55, according to GasBuddy, which monitors fuel pricing nationwide.
Fuel costs are falling thanks to the end of the bust driving season and the continued muted prices for crude oil. Also, refineries are slowly beginning to make the switch to cheaper winter-grade fuels.
In fact, fuel prices have declined for eight straight weeks. A lot of gas stations in the Houston area already are selling fuel for less than $2 per gallon.
The big key moving forward is the ongoing U.S.-China trade war. If the conflict is amicably resolved in the weeks ahead, both crude oil and fuel prices are expected to rise along with demand as the global economic outlook brightens, said Patrick DeHaan, head of petroleum analysis for GasBuddy.
“If trade talks fall apart, then expect more price declines that will accelerate in the weeks ahead,” DeHaan said. “Markets have been reliably unreliable in recent weeks and it seems that will likely continue as the talks hold significant meaning for oil and gasoline demand.”
