EL PASO, Texas - Here's some good news for drivers across the U.S. and in Texas — an expert says gasoline could fall below $2 a gallon for many Americans later this year.
Retail gas prices have been falling steadily for several weeks now. The national average currently stands at $2.72 a gallon for regular gas, according to AAA, down 17 cents from the 2019 high in early May and down 7 cents in just the past week.
In Texas, near Houston — in areas surrounded by refineries — the price is about $2.20 a gallon, according to data from GasBuddy.com. The statewide average is $2.38 a gallon and here in El Paso, it is $2.58. Prices per gallon in Texas, like the nation, are down about 7 cents in the past week, over 18 cents from last month and 33 cents from a year ago at this time.
To check out the latest gas prices here the Borderland, visit the ABC-7 Pump Patrol page.
Wholesale prices are falling even faster, suggesting that prices at the pump should continue to fall.
"Pretty much every portion of the country should see drops between now and the end of next week," said Tom Kloza, head of energy analysis for the Oil Price Information Service.
Most of the decline is because of falling oil prices, in part thanks to booming U.S. oil production.
"[Gas prices] should continue to fall as we move through the summer," said Kloza. "There's a high probability we'll be paying less than $2.50 in the next few months."
The national average price will probably decline even more — perhaps to $2.25 a gallon according to Kloza — later in the year. Once the summer driving season ends, demand for gas falls, pushing down prices.
A national average of $2.25 a gallon would probably mean that nearly half the nation's gas stations will be selling regular gas for less than $2 a gallon, Kloza said.