The average gas price in San Antonio continues to fall sharply, despite the efforts of Russia and OPEC to bring them up by cutting production, News Radio 1200 WOAI reports.
The average price today is $1.90 a gallon, down a nickel just in the past week, the lowest price we've seen in nearly two years.
“Motorists in nine states, including Texas, are enjoying gas prices below $2 per gallon on average,” said Joshua Zuber, AAA Texas/AAA New Mexico spokesperson. “But all eyes will be on whether the OPEC cuts will impact prices in 2019. Many are waiting to see if they stick to their promise to cut crude production by 1.2-million barrels per day and if the proposed cuts will be enough to restore balance to the market.”
Working in favor of local motorists is the fact that gasoline consumption is at its lowest level in January, and prices historically hit their lows for the year in late January and early February, before beginning to rise heading into Spring Break.
Gas Buddy says it isn't hard to find gas prices in San Antonio in the mid $1.60 to $1.70 range are not hard to find in San Antonio today.
"Market analysts suggest over the past few years, OPEC, and partnering countries, have demonstrated a strong resolve to comply with proposed cuts in production. It is likely that the cartel will reconvene in April, and if there is a need to further balance global supply and demand, OPEC will likely tweak current production numbers at that meeting," Zuber said.