Gasoline prices slide as demand, crude prices weaken

Average gasoline prices fell nearly 4 cents a gallon in Greater Houston over the past week, a surprising decline at a time of the year when prices rises, according to GasBuddy.com, a website that tracks gas prices and refining actitiviy.

Locally, prices average $2.21 cents  a gallon, Gas Buddy. Nationally, prices also fell about 4 cents a gallon, averaging $2.34 across the country.

Typically, gas prices rise of year as refiners switch to more expensive summer blends and the nation heads into the peak driving summer driving season that traditionally begins Memorial Day weekend.  GasBuddy attributed the slide to weak demand and strong production. 

In addition, the price of crude oil, the main component of gasoline, recently fell to five month lows, falling below $46 a barrel.

Gasoline prices in much of the country are eroding at a time of year when such a downward fall is anything but par for the course,” said Patrick DeHaan, senior petroleum analyst for GasBuddy.com. “This year’s usual spring rally has been the weakest in recent memory.”

Gas prices in Houston  still 22 cents a gallon higher than a year ago. Nationally, prices are about 12.5 cents higher than the same day last year.

 

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