Gasoline prices slip in Texas, nation
Gasoline prices in Texas and across the country fell again over the past week as crude prices dove amid expectations that OPEC will ramp up oil production later this month.
The average price in the Houston area fell about 4 cents to $2.70 a gallon, after slipping about a penny a gallon in the previous week, according to GasBuddy, which tracks fuel prices nationwide. In other Texas markets, average gasoline prices fell 3 cents to $2.65 in San Antonio; 5 cents to $2.68 a gallon in Laredo; 3 cents to $2.67 in Corpus Christi; and 2 cents to $2.71 in Austin.
Nationally, the average price fell 3 cents to $2.91 a gallon, GasBuddy said.
The declines follow several months of rising prices as crude prices topped $72 a barrel last month. Gasoline prices nationally are up nearly 59 cents a gallon from a year ago; Houston and San Antonio prices are up 56 and 54 cents respectively.
Oil prices settled in New York
Monday at $66.10, up 36 cents.
Average gasoline prices were closing in on $3 a gallon at the end of last month, but retreated when Saudi energy minister Khalid AlFalih said the Organization of the Petroleum Exporting Countries would consider raising output. Already, his country has reportedly started ramping up production after two years of cutting it.
OPEC and its partners, including Russia, will meet later this month to discuss lifting output caps that curbed production by 1.8 million barrels a day and went into effect in the beginning of 2017. U.S. drillers, meanwhile, are producing record amounts of crude oil.
“A solid majority of states saw average gas prices decline last week,” said Patrick DeHaan, head of petroleum analysis for GasBuddy, “and I expect we’ll hold that trajectory again this week.”