You might remember the prediction from a few weeks ago that gas prices would never fall below three dollars a gallon again. Well, so much for the experts and their predictions.
“It really depends on what happens in certain parts of the world. There’s a lot that goes into it,” David Holt of the Consumer Energy Alliance told KTRH.
The average price around Houston today is at $3.09. But there are plenty of gas stations in the area under three dollars a gallon. So why are prices going lower than the experts expected?
“We have so much new production coming online. You’re seeing record levels of oil production. In South Texas, West Texas, Northeast Texas and in Central Texas,” Holt said.
In fact, crude oil production in Texas is up over 16 percent from where it was in August of last year. So does that mean gas prices are going to go even lower, maybe even to $2.50 a gallon?
“It’s such a strange time for oil prices. Anybody that makes a prediction is proven wrong pretty quickly,” Holt stated.
Just like the experts were with their prediction that we'd never see prices this low again. And keep in mind the prices are falling despite the problems in the Middle East.