For the first time since February, San Antonio drivers are beginning to see a downward trend in gas prices, News Radio 1200 WOAI reports.
AAA Texas reported today that the average price of gas in the city has fallen to $2.68, down two cents from last week....when prices had stayed the same from the year before. The last time San Antonio saw two weeks where prices did not rise was in February.
“While gas prices are likely to remain above last year’s price levels throughout the summer, many Texans are enjoying at least minor relief when filling up this week,” said Daniel Armbruster, AAA Texas Spokesperson.
Much of the gas price drop is credited to the fall in crude oil prices, as well as the fact that this is the time of year when prices usually peak, because refineries have completed the transition to the more expensive cleaner blend gas which is required by the EPA during the summertime.
Whether the prices will continue to fall depends a lot on whether OPEC and Russia agree at their next meeting later this month to lift the strict production caps which have led to the rising prices this year.
Texas shale producers are also attempting to ramp up production, which hit a record level in March and is keeping prices from rising faster.
A shortage of pipelines to transport oil out of the Eagle Ford and Permian Basin shale fields is also retarding Texas production.