Houston motorists were paying an average of $3.26 for a gallon of regular unleaded in the past week, compared to the national average of $3.53 a gallon.
Patrick DeHaan is senior petroleum analyst for GasBuddy.com. He says the decline in crude oil and gasoline futures is resulting in the drop at the pump.
“All of a sudden, we’re focusing on perhaps, a double dip recession and the concern is that if we do get into any sort of pull back in the economy, it will reduce demand for oil, or it could make demand virtually collapse. We have a lot of speculators getting out of the market that are fearful that that could happen, and that’s why we’re seeing prices at the pump go downward.”
Gasoline prices across Texas averaged 3 cents higher than in Houston, but prices across the Lone Star dropped 11 cents.
The price in Houston was 25 cents lower than the national average.
Last month we paid almost 15 cents more for gas in Houston, but almost 83 cents higher than this day last year.