Fall in oil prices shows no signs of stopping
Instead of the usual summer uptick, motorists are seeing savings at the pump
Houston drivers are continuing to escape the normal uptick in pump prices at the start of the summer due to falling oil prices and rising gasoline inventories.
Gasoline prices fell nearly 7 cents in the past week, averaging $2.41 per gallon Monday, according to GasBuddy, which tracks prices across the country. That’s 18 cents lower than a month ago and 29 cents lower than a year ago.
Nationally, gas prices fell their lowest average since April, sliding 7 cents to $2.73 per a gallon, GasBuddy said. The average national price is down 13 cents from a month ago and nearly 18 cents down from a year ago.
“Last week saw a feat most motorists probably thought they’d never see in June — average gasoline prices declined in nearly every state across the country,” said Patrick DeHaan, head of petroleum analysis for GasBuddy. “The fall has come amidst a deep drop in oil prices set in to play on worries that tariffs could slow economic growth, reducing oil demand.”
Crude prices fell 73 cents Monday to settle at $53.26 a barrel in New York.
DeHaan said he expects gasoline prices to continue to fall into summer, although the pace of the declines may slow following the deal between the Trump administration and Mexico to avoid tariffs, a resolution that may calm markets worried about a slowing economy. Stock rose Monday, with the Dow Jones Industrial Average gaining 79 points to close at 26,063.
“We’re likely to see more good news at the pump than bad for the foreseeable future,” DeHaan said.
Gasoline inventories have risen for three consecutive weeks, climbing by more than 9 million barrels during that period, according to the Energy Department. Gasoline stockpiles are running 2 percent above the fiveyear average for this time of year.