Gas Prices: July 6th

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(ABILENE, TX) – Another week of a continued downward trend at the pump means Texans are paying less for fuel once again.

We’re talking pennies of course, but every cent makes an impact. Average prices are down 1.5 cents per gallon across the state, meaning the prices here in Abilene range between just below $2.50 per gallon to right around $2.60 per gallon.

This may not seem like much of a change, but looking at the long-term development, gas was over 92 cents more than it is right now at this point last year.

Gree Laskoski, a senior petroleum analyst with GasBuddy, says this sort of economic behavior isn’t unusual for the industry going into the summer months.

“That may run counter to consumer expectations but this is what we’ve seen in recent years when summer prices showed nominal but gradual decline through June and July. Retail gas prices follow the general direction of crude oil most of the time and our benchmark crude, West Texas Intermediate (WTI) closed last week heading lower ($55.47) well below the 2015 peak of $62/barrel.”

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