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Oil Price Plunge Leads to Falling Gas Prices

14 March 2017

A gas price war in Houston's south side dropped prices to 78 cents on Sunday. "The ability of US oil producers to offset OPEC cuts is a wildcard that could benefit motorists by limiting the typical lofty increase in fuel prices".

For the first since time November, crude oil prices traded under $50 per barrel.

That's mostly because refineries across the nation are preparing to undergo seasonal maintenance to produce cleaner-burning gasoline for the summer.

Locally, Houston-area prices are higher than the nearly historically cheap $1.75 a gallon average in March of past year, but still lower than $2.23 in 2015, $3.21 in 2014, $3.52 in 2013 and $3.74 in 2012.

When oil prices take this kind of beating, DeHaan said, one might expect gas prices to move in lockstep.

The overall drop in oil prices last week was glaring: for the first since time November, crude oil prices traded under $50 per barrel, almost a 10% week on week decline in price.

Bottled Water More Popular in the US Than Soda Pop
While annual per capita consumption of bottled water reached 39.3 gallons, carbonated soft drinks slipped to 38.5 gallons.

"Man: "The cheapest bottle of water is 99 cents and our one gallon of gas is 79 cents a gallon". The supervisor at this station said they dropped their prices because a competitor across the street kept lowering theirs.

The Florida average was $2.274 on Monday, down from $2.288 a month ago and flat with a week ago.

"The annual spring rally at the pump could be less severe than expected", said Patrick DeHaan, a Gasbuddy senior petroleum analyst. Previous year at this time it was averaging $1.851.

Nearby, drivers in Pinellas County were paying an average of $2.13, with those in Hillsborough slightly higher at $2.15. At this time in 2016, the state average was $1.912.

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Oil Price Plunge Leads to Falling Gas Prices