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The summer months are when consumers usually see a spike in gasoline prices. Traditionally the peak comes right after the July Fourth holiday. But this year the peak came back in May when the statewide average was $3.86 a gallon.
Sarah Schimmer with AAA Texas says the average price of gas in Texas today is $3.44 a gallon, more than 40 cents cheaper than it was at its peak.
“The price of crude oil on the market right now is trading around $90 a barrel, so that’s definitely going to translate to the pump. And going into the Fourth of July holiday weekend, we are seeing the statewide average decrease by about eight cents. So some positive news for consumers going into this major travel holiday.”
Schimmer says volatility in the crude oil market is why we’re seeing price declines at an unusual time of year.
“But again, we still have several months to go before the end of the year. The oil and gas market has been volatile for the past several years, so not being able to predict the future, the high to date up to this point has been $3.86.”
Here in Houston, the average price of gasoline is $3.40, down nine cents from last week.
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