AAA Texas says the average price for a gallon of regular has fallen by six cents over the last week to $3.38. The Houston average is a bit higher, at $3.41. But that also represents a seven cent drop in the past seven days. The association’s Sarah Schimmer says the local decline can be tied to slowing economies in India and China.
“And when we have a slowing global economy, that puts downward pressure on prices, because these larger economies are consuming less crude oil. We also have a very strong U.S. dollar, which helps with gas prices, overall, in the global market.”
Gasoline prices rose sharply earlier this year. Around the middle of April, they began a steady, if slow, decline. Schimmer says, right now, there’s nothing on the horizon to stop, or reverse, that trend.
“Unless there’s some global economic event that would increase gas prices, we’ll probably be on the decline for most of the summer, which is very good news for consumers who want to travel.”
If prices continue to fall at their current pace, three-dollar-a-gallon gas could return within the next two months.