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Gas prices fall to pre-Harvey levels

December 17, 2018

Gas prices continued to fall in San Antonio and across the United States, hitting levels not seen since before Hurricane Harvey.

In San Antonio, the average price for a gallon of regular gasoline fell four cents to $1.95 and is down 28 cents from a month ago, according to gas-price tracker GasBuddy.

Nationally, prices fell nearly 6 cents to $2.36 a gallon, and have fallen 26 cents in the last month.

Gas prices in Austin fell nearly four cents to $2.09 a gallon, and Corpus Christi saw its average fall more than five cents to $1.99 a gallon.

After Hurricane Harvey, which knocked out more than 20 percent of U.S. refining capacity after it ravaged the Texas Gulf Coast, gas prices spiked. Through mid-2018, higher oil prices continued to push the cost of filling up higher, but recent weakness in the oil market has sparked a steep decline.

Patrick DeHaan, GasBuddy’s head of petroleum analysis, said drivers are saving hundreds of millions of dollars, and 31 states now have at least one station selling gas for under $2 a gallon. A recent announcement of crude oil production cuts by the Organization of Petroleum Exporting Countries oil cartel has yet to significantly increase oil prices.

“It seems that it ‘may take a village’ to help oil prices recover — help that would include robust demand from the U.S., which seems to be anything but the case,” DeHaan said. “For now, prices will remain seasonally challenged, tied to the fact or expected fate of the economy moving forward.”

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. | rdruzin@express-news.net | Twitter: @druz_journo

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