EDINBURG – The prices at the pump are a welcomed sight for many Rio Grande Valley drivers.

University of Texas Rio Grande Valley Economic Professor Salvador Contreras says the fear of an oil shortage forced more production from other countries.

“What panned out is Iran's oil has decreased, only modestly, and world output has only risen, so [it’s a] perfect storm great for American consumers,” he explained.

Contreras says prices may continue to drop a little more before they start to maintain a steady rate for the foreseeable future.

KRGV’s John Paul Barajas has more.

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