‘Wait and see’: Experts say gas prices may continue to trend downward

Gas prices in Texas are among the lowest in the nation as prices start to fall.
Gas prices in Texas are among the lowest in the nation as prices start to fall.(Michael Cantu KWTX)
Published: Aug. 5, 2022 at 9:22 PM CDT
Email This Link
Share on Pinterest
Share on LinkedIn

WACO, Texas (KWTX) - People may have to worry a little less as the gas needle edges closer toward the “e,” because experts say the current gas price decline could continue.

Though gas prices are still high, they are not as high.

“But it is and has been inching a little bit closer to what would be considered more of a normal price, here over the last few weeks,” said Daniel Armbruster with AAA Texas. “Of course, it’s still got a little ways to go before it reaches that point.”

Compared to this time last week, gas prices around Central Texas are down by about 12 cents, but still 70 cents higher than this point last year.

Throughout the nation, Texas is also reporting the lowest prices per gallon. Part of the reason is because demand for gas is falling, which typically starts happen around this time of year.

“But, you know, it’s nice when we see that it’s the lowest price in the country,” said Armbruster.

Another factor that may start to play in soon is an international agreement with the Organization of Petroleum Exporting Countries — OPEC. it agreed this week to increase output by about 100,000 gallons per day.

However, that is not going to cause any price drops overnight.

“The savings that will come from that will likely be here within the next few weeks,” said Armbruster.

Barring any natural disasters or emergencies that put oil refineries offline, experts like Armbruster said gas prices should continue to go down. After labor day is when people should expect to see more of a drop in price.

It is a much-needed reprieve for people paying way more than what they are used to.

“We may have seen the highest prices we’re going to see this summer,” said Armbruster. “We’ll have to wait and see.”

Copyright 2022 KWTX. All rights reserved.