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Gas prices continue to fall nationwide and in Texas.
According to the AAA Texas Weekend Gas Watch, the statewide gas price average in Texas is $2.74 per gallon for regular unleaded fuel with gas stations ranging from $2.30 at the lowest to $3.24 at the highest. The average price of gas in Houston is down 41 cents compared to a year ago at $2.57 a gallon.
The national average came in at around $3.21 a gallon this week according to AAA. It's been years since the national average dipped below $3. Would that be a good thing for the economy?
Oil and gas expert Rey "R.T." Trevino runs Pecos Country Energy, a privately owned oil and gas exploration and production company headquartered in Fort Worth, TX. He said he doesn't understand why folks would be against gas prices continuing to fall.
"As we see these lower prices, I think that means the American people are going to find better things to spend their money on and help stimulate this economy," Trevino said. "I've never heard that because gas prices are down that the economy is down."
Gas prices are at a three year low. There's also projections that more people will be traveling across the country over the summer months. That has Trevino excited for the average American traveler.
"We want to continue to do our best to keep our costs down and provide affordable, abundant and reliable energy to all Americans across the United States," said Trevino.
Trevino said that OPEC has already promised to add an additional 2 million barrels of oil a day over the next 18 to 24 months. That will add another 120,000 to 180,000 barrels a month onto the market.
"With all the current conditions, we're just adding more supply, which is obviously bringing down the price as well," Trevino added.
Trevino said it's tough to gauge if gas prices will continue to fall, stay steady, or go back up. He said that a $75 barrel of oil is a great deal at the moment for the economy to continue to thrive and that oil and gas producers can make a dollar too. If OPEC continues to add oil to the global market, Trevino believes the price could fall even more.