Houston Chronicle
Prices at the pump are falling once again now that crude oil prices have stabilized below $60 per barrel in the United States.
Source: Houston Chronicle
The average cost of a gallon of regular unleaded in the Houston area dipped by nearly 3 cents last week down to $2.19, while the national average fell 2 cents to $2.55 per gallon.
Prices initially jumped at the beginning of the year when the U.S. conflict with Iran escalated, but they’re falling again now that attacks have ceased – at least temporarily. The U.S. benchmark for crude oil had spiked above $63 per barrel but is now back down below $59.
“With oil prices sagging lately, the door has been opened for a notable decline in U.S. gasoline prices, and that’s exactly what has happened, with more declines likely coming ahead of us before the fun is over,” said Patrick DeHaan, head of petroleum analysis for GasBuddy.
Seasonally, fuel prices typically fall early in the year at least through February because of weaker driving demand and cheaper winter-grade fuels. Eventually, prices go back on an upswing in either March or April as demand slowly picks up and refineries prepare for the busy summer driving season by switching to churning out summer-grade fuels.
