Gas prices expected to drop below $3 in East Texas - KLTV.com-Tyler, Longview, Jacksonville, Texas | ETX News

Gas prices expected to drop below $3 in East Texas

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TYLER, TX (KLTV) -

You may have noticed the price of gas has dropped since last week, but just how much of a dip is East Texas expected to see?

AAA reports that U.S. gas prices have consecutively, for 1,000 days, stayed above three dollars a gallon.

Adam Perez of Tyler is one of many East Texans fed up with paying big bucks at the pump.

"That's one of the reasons I got this car, because gas was so high. So, that's why I got me a little Fiat," Perez said.

He said this small car is saving him a lot of money.

"I only put $10 on gas and it's going to fill up my gas tank," Perez said.

According to AAA, the national average for regular gas is about $3.47 a gallon, while Texas comes in at $3.24 a gallon.

So, is paying more than $3 a gallon for gas really the new norm? Well, according to one East Texas expert, pain at the pump is about to get a little less painful.

"In Tyler, I think it's going to dip a little below $3 a gallon. I don't think the national average will go below three dollars a gallon, so that's still good for us," said Dr. Harold Doty, Assistant Vice President of Strategic Initiatives at University of Texas at Tyler.

Dr. Doty said we can expect to see that drop in Tyler next month.

"I think before mid-October prices will dip briefly below $3 a gallon. Then, it will creep back up, but they should stay low till the early spring, not below three, but fairly low," Dr. Doty explained.

So, what is behind the drop in prices?

"In mid- September, the refineries switch over to winter-blend and the winter-blend of gasoline is less expensive than the summer-blend," Dr. Doty explained.

"The fear factor is pretty low globally right now, so it looks like we don't see any disruptions in the global supply of oil. The third thing that is actually good for Texas is the price of West Texas intermediate crude is going up, but the price of North Sea Oil is going down. We get increase tax revenue as the price of our oil goes up, but that's being offset by the decline in Brent Sea Oil so gas prices are going down," Dr. Doty said. 

Great news for East tTxans like Marcelino Cruz and his children.

"We have to use our car everyday to take them to school and bring them back. So, with gas prices that makes it better for us," Cruz said.

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