The renewal of the trade war between the U.S. and China is bad news for stock market investors, but it could be great news for Texas drivers, News Radio 1200 WOAI reports.
The price of oil suffered its worst one day drop in four years on news of escalating tariffs between the U.S. and China.
With China already in the middle of an economic downturn, that means China is using less oil, leading to a significant increase in gasoline stockpiles.
Patrick DeHaan, an analyst with Gasbuddy.com, says that will accellerate the already falling price of gas at the pump.
"I think that by the weekend and as we go through the weekend, gas stations are going to begin passing along the savings that we are starting to see right now in the price of oil," DeHaan said. "So I would hold off gassing up for as long as possible, knowing that gas prices will continue their downward move."
The average price of gas in San Antonio today is $2.41, according to AAA Texas. That is already down from the summer peak, which we saw last month.
"Shoudl this trade war continue between the the U.S. and China, I think there's a real possibility that prices could fall to under two dollars a gallon by later this fall," he said.
Gas prices usually peak right after the Fourth of July, and continue falling through the Christmas holidays, generally reaching their low point for the year in early February.