Over the past month, gas prices rose nearly 20 cents, $1.26 higher than a year ago, however experts say drivers may start to see some relief at the pump.
“The jump in gas prices that started nearly a month ago is finally running out of steam for the time being, as oil prices have stabilized,” said Patrick De Haan, head of petroleum analysis for GasBuddy.
Crude oil prices were again in rally mode in early Monday trade with a barrel of West Texas Intermediate crude up 70 cents to $84.27 per barrel. Brent crude oil was also trading higher, up 76 cents to $84.48 per barrel, nearly $2 per barrel lower than last Monday’s fetch of $86.41.
The most common U.S. gas price encountered by motorists stood at $3.19 per gallon, down 10c/gal from last week, followed by $3.29, $3.09, $3.39 and $2.99 rounding out the five most common prices.
According to GasBuddy data, compiled from more than 11 million individual price reports covering over 150,000 gas stations across the country, Oklahoma has the lowest average gas price ($2.98) followed by Texas ($3.03) and Arkansas ($3.05).
Locally, the average price of gas is $3.12 with the lowest price motorists in Bonham can find gas is at VP Racing Fuels on Sam Rayburn Drive ($3.09), Murphy USA on N SH-121 ($3.08) and Brookshire’s on Island Bayou Road ($3.08).