Noticing a drop at the gas pump? Economist Karr Ingham tells the Texas Farm Bureau (TFB) Radio Network that gas prices are on the decline for summer driving.
It’s the cheapest gas prices have been in several years, according to Ingham.
“Prices for gasoline have gone up a little bit over the last two or three months,” Ingham said. “But compared to last summer or the summer before that and the summer before that, gasoline prices are considerably lower than they have been.”
Gasoline prices aren’t as low as they have been previously, Ingham noted, but they’re definitely not as high as they were.
The reason? Crude oil prices are down.
“Crude oil prices are dramatically lower than they were about mid-2014 when they started declining,” Ingham said.
Those prices kept declining all last year, too.
“We’re getting a little break from the high prices in terms of gasoline costs over the course of the summertime. That’s a welcome relief for some travelers,” he said.
Food prices are also down, in part due to lower fuel costs.