Gas Prices Continue to Fall, but the Drop May End Soon

posted by 1200 WOAI -

Our break at the gas pump continues, but analysts at AAA Texas say falling gas prices may be nearing an end, News Radio 1200 WOAI reports.

Today's average price in San Antonio is $2.60, that's down a nickel just in the past week.But that may be as low as it gets.   Gasoline demand spiked in the latest Energy Information Administration’s report, as we move into the heart of the summer driving season.  As demand skyrockets, U.S. gasoline inventories plummeted.  And lower inventories signal a run-up in prices.

But the key to future gas prices may be the scheduled OPEC meeting in Vienna on Friday.  The oil ministers decide whether to increase oil production for the rest of the year, as many OPEC nations have no other source of income other than oil sales, and they need to be able to cash in on today's higher market prices.

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