San Antonio gas prices fall almost 7 cents
Gasoline prices in San Antonio and across the nation continued to fall along with oil prices.
The price of a gallon of regular unleaded gasoline in San Antonio averaged $2.29 a gallon, down almost 7 cents from last week, according to gas price tracker GasBuddy. Gas prices in San Antonio have fallen 28 cents since mid-October.
Nationally, gas prices fell 6 cents to an average of $2.67 a gallon. In Austin, average prices also fell about 7 cents to $2.45 a gallon.
Oil prices have plunged more than 20 percent in the last month, from a recent peak more than $76 a barrel in early October down to $60 to start this week. Crude settled in New York Monday at $59.93 a barrel, down 26 cents.
The month-long slide in gasoline prices is saving American drivers about $100 million a day, ago said Patrick DeHaan, head of petroleum analysis for GasBuddy.
“The last week has seen another notable decline at pumps in nearly every state with average prices again plummeting, in some places to $1.99 per gallon or less, following oil’s longest losing streak in nearly 34 years,” DeHaan said.
U.S. crude stockpiles have risen by millions of barrels in recent weeks as record production outstrips demand. The Energy Department said last week that U.S. production has reached 11.6 million barrels a day.
OPEC and its ally, Russia, a considering cutting production to stabilize oil prices, after increasing output in recent months. The Organization of the Petroleum Exporting Countries meets in Vienna on Dec. 6 to consider its production targets.
Rye Druzin is a San Antonio-based staff writer covering Texas energy. Read him on our free site, mySA.com, and on our subscriber site, ExpressNews.com. | firstname.lastname@example.org | Twitter: @druz_journo