It looks like the run up at the gas pump that we have seen over the last couple of months has stopped, at least for now, News Radio 1200 WOAI reports.
Tracking the falling price of oil on the global markets, AAA Texas reports today that San Antonio's gas price has fallen a nickel a gallon to an average of $2.25, one of the lowest pump prices in the entire nation.
"Its likely that this trend won't last, especially as we head into spring," AAA Texas' Daniel Armbruster said. March is generally when refineries shut down for maintenance."He says as the spring break and summer driving season approaches, that will push up the price of gas as well.
"Later in the spring we will switch over to summer brand gasoline, which is a little more expensive to produce, and demand typically goes up," he said.
After soaring in December and January on the strength of rising oil prices, largely due to lower US inventories and plans to cut production in Saudi Arabia and other OPEC countries, the price of oil now appears to be pulling back, with West Texas crude barely above $60 a barrel.
One reason oil prices are falling is concerns that a 25 cent a gallon federal gasoline tax increase proposed by President Trump to pay for his infrastructure plan may reduce U.S. demand, which has been at record highs over the past two years.