Drop in oil prices causing gas prices to fall
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After gas prices hit a historic high of $4.49 in Hidalgo County, prices are finally starting to drop.
AAA is reporting that the price for gas is now $3.87 after the price of oil dropped below $100 a barrel for the first time since May.
An economics professor at South Texas College says falling oil prices will continue.
"Prices of oil started to slow down, therefore the prices of gasoline started to slow down. Economist Teo Sepulveda said. “And hopefully for the next six months, we're going to see either stable prices of gasoline or lower prices."
The average price of gas in Texas is around $4.20 per gallon, with the national average hovering around $4.66.
Sepulveda said several factors are contributing to Texas and the Rio Grande Valley seeing a lower cost of gas.
“We tend to have access to have a lot of oil here in Texas,” Sepulvada said. “A lot of refineries are close by and our cost of living isn't really high.”
The average price of fuel in California is $6 due to the state’s higher cost of living, Sepulveda said.
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