Consumers are still enjoying cheaper gasoline prices as an OPEC deal to curb oil production hasn’t hit the gas pump yet, and likely won’t for at least a week, one expert suggests.
Gas prices in Houston slide 5.8 cents per a gallon to an average of $2.04 per a gallon, according to GasBuddy, a gas price tracking website.
That’s 11.6 cents down from a year ago and 33 cents down from a month ago.
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Nationally gas prices averaged $2.41 per a gallon, down 28 cents from a month ago and 2.7 cents lower than a week ago.
“Average gas prices have continued to move lower in most states in the last week as retail prices continue to catch up to the low price of oil,” said Patrick DeHaan, head of petroleum analysis for GasBuddy.
“While the going has been good at most gas pumps, OPEC countries did agree to curb oil production, but the cut was smaller than we had expected, and for a shorter duration than anticipated, resulting in a small upward move in oil, one that may not immediately curb the decline,”DeHaan said.
The OPEC deal to cut output boosted oil prices Friday, but by Monday some of the gains were lost with Brent and WTI prices trading down 1.3 percent and 1.5 percent respectively, the Wallstreet Journal reported.
Amid oil’s volatility, DeHaan said gasoline prices will likely fall at least one more week.
Average gasoline prices on December 10 in Houston have ranged widely over the last five years: $2.15 per a gallon in 2017, $1.97 per a gallon in 2016, $1.78 per a gallon in in 2015, $2.42 per a gallon in in 2014 and $3.08 per a gallon in in 2013.
Source: FuelFix
