North Texans are seeing some relief at the gas pump, with fuel prices falling to their lowest in seven months.
United States gas prices have fallen for 12 weeks in a row, and in some parts of the country, prices are at their lowest levels in more than half a year.
The first gas stations in North Texas to have prices fall below $3 per gallon were spotted on South Cooper Street in Arlington between Interstate 30 and Interstate 20. The gas stations were a hotspot for traffic on Labor Day, with prices reportedly dipping to $2.95/gallon.
The highest recorded average price was $5.016 on June 14, 2022, according to historical data from AAA.
Absent a gulf hurricane, Patrick De Hann, an analyst at GasBuddy, believes prices could fall another $0.10-$0.15 before bottoming out.
The national average gas price on Tuesday, September 6, was $3.779, according to AAA. The average cost in Texas was $3.252, a 13.94% lower fuel price than the national average. Dallas County averaged $3.227 for a gallon of gas.
Lorenzo Benavides, a local landscaper and ranch hand, is shocked that gas prices have come down so much, but he said, “you can’t argue with a good thing.”
“Besides normal price increases over the summer, I really don’t see what has caused the prices to drop over the last several months,” Benavides told The Dallas Express. “It is hard to complain though. The amount I pay to fill up my Jeep is significantly less than at the start of the year.”
“I actually feel like I enjoy driving again,” said Benavides. “Even if it is just up the street to the grocery store.”
With sub-$3 gas prices spotted in parts of Texas, Labor Day weekend saw a predictable uptick in road traffic. AAA said 32% of Americans supposedly planned road trips over the three-day weekend.
“This year, we’re seeing much bigger numbers than we were seeing in the past two years, at least,” said Daniel Armbruster, an AAA Texas spokesperson.
In response to falling fuel costs, OPEC and its allied producers announced Monday that the group would slash production by 100,000 barrels a day and “revert to the production level of August 2022 … for the month of October.”
The move to cut oil production after raising it just for September was a reaction to “the decline in liquidity on the current oil market,” explained OPEC, “and the need to support the market’s stability and its efficient functioning.”