Dallas/Fort Worth (WBAP/KLIF News) – Despite fears over the lasting impact of the tensions between the United States and Iran would have on the global oil marketplace, gas prices have dropped statewide this week.
Triple A Texas’ Daniel Armbruster said consumers are saving money at the pump right now.
“We saw a seven cent decrease in Dallas Fort Worth. The average now is down to $2.26 and that’s we’re pretty much seeing across the state. Statewide average dropped four cents on the week,” he said.
Right now, Midland is paying the most in Texas at $2.49 and Sherman/Denison is paying the least at $2.13 per gallon.
The national average is $2.57 a gallon, which is three cents less than this time last week but 33 cents more than this time last year.
The reason for the decline is a common theme in any market.
“This has to do with just an abundance of supply in the market… kind of over saturated at this point and falling demand which is pretty typical for this time of year,” he said.
Earlier this month, consumers were worried that the Iran situation would have a lasting impact on oil prices. The Trump administration killed top Iranian General Qassem Soleimani by U.S. airstrike in Baghdad.
Iran retaliated by firing at least 15 missiles at U.S. air bases in Iraq, injuring 11 soldiers.
The tensions dialed down after Iran admitted to mistakenly downing a Ukrainian airliner by a surface to air missile, killing all 176 people on board.
Armbruster said things may be more settled for now but the global oil market place can change on a dime.
“Things could change, there’s still tension on the global geopolitical aspect of this but once investors learn that the markets oversupplied and demand is low from this time of year prices keep falling,” he said.
Consumers can find the latest gas price information on AAA’s Iphone App.
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