Dallas Fort Worth Area: Current Gasoline Prices Continue to Drop

After reaching its peak in March, gasoline prices have been falling steadily. Current gasoline prices keep on declining not long after many feared that they were about to reach the $5 per gallon mark.

Ken Morgan of the Energy Institute in Texas Christian University said that it is possible for gasoline prices to continuously drop in the coming weeks. He further adds that in the coming six weeks – and for the remainder of the year – gasoline prices may reach only up to $3.50 to $4.

After reaching a high level of $3.91 by the end of March, gasoline prices in Dallas and Fort Worth have continuously decreased. GasBuddy.com, the price tracking website, found that the drivers of these cities are now spending an average of around $3.57 for gas. However, there are still plenty of stations with even lower gasoline prices.

The Valero gas station at Interstate 30 and Cherry Lane’s corner in Fort Worth recently lowered gasoline prices by 8 cents per gallon. According to its employee Sarba Dhan, the station has also reduced the price of its gasoline by 5 cents in the past but their current gasoline prices are down by 8 cents which is a huge drop.

According to analysts, the lower global demand and higher supplies in the summer are causing the drop in gasoline prices.

Morgan said that they have sufficient refineries that manufacture the summer blend and there is a slight leveling off and even a little reduction in the pump in the past weeks.

The price cannot go down quick enough for the majority of drivers.

By: Chris Termeer