Thursday PM October 9th, 2008

Gas prices have taken another hit in Texas and across the nation.
This is Sarah Schimmer from Triple A Texas.

image of gas pump
image of speaker, click here for audio
“A gallon of regular, unleaded gasoline fell by more than 22-cents in Texas during the past week. The state average is currently $3.28, which is about 12-cents lower than the national average. The national average also decreased more than 19-cents to $3.40.”

Schimmer says gas prices in Houston last year at this time averaged $2.58 a gallon, a 68-cent difference compared to prices right now. She says the downward price trend will likely continue.

image of speaker, click here for audio
“Fuel demand in both the United States and Europe is lower than last year. The current economic situation has driven-down the price of crude oil and of course the Gulf refineries are coming back to their normal volumes. If these trends continues, we could possibly see a national average of three dollars by late November.”

Gas prices hit a national peak of $4.11 a gallon on July 11th and have fallen steadily since then.