Price of oil per barrel is down, reflects at pumps

For first time since 2016, the average gas price in in Houston falls below $2

If you’re traveling for the holidays it’s good news.

But, the 40 percent oil price drop from $76 per barrel to less than $45 is bad news for the oil industry.

"We're seeing more oil being produced, really than ever before, coming out Texas and across the United States, even globally, so right around where they are now, if not falling a little bit more before we get into 2019," said Joshua Zuber with AAA Texas. "The OPEC production cuts promising to take part in the first part of 2019, but as of right now, demand is low and supply is high."

He said the Houston fuel average has fallen to $1.97 in the past week.

In early October, it was $2.60.

Zuber said the lowest prices were found in Katy and Pearland at $1.79 for regular unleaded.

 Miguel Gutierrez/AFP/Getty Images

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