Gas prices are going down, which is good news for drivers. But here in Texas, that doesn’t always mean good news, especially if you’re in the oil business.
The average around Houston is down to $2.38 a gallon. Daniel Armbruster with AAA-Texas says there was a big move down from last week.
“It’s down about seven cents, and not much more than we were paying a year ago,” Armbruster stated.
Oil and gas analyst Phil Barnett tells KTRH the price could go down even further.
“I would say we might see it go down another thirty or forty cents maximum,” Barnett said.
Now if the price of oil keeps going down, Barnett says at some point it could have an impact on that side of the industry.
“There is a break-even point of about fifty bucks. So we are getting close to the point here where they may make decisions on whether or not they continue to drill,” Barnett explained.