Lower gas prices relieve some, while others remain skeptical
NORTH TEXAS (CBSDFW.COM) - Gas prices have fallen a bit after record prices earlier this year to the delight of many drivers.
"I'm very pleased that they're finally going down a little bit," said driver Steven Kenton.
"I think it's an excellent thing, I think it's about time," added Vicky Gutierrez.
While many motorists are happy, others are more skeptical on this drop in prices.
"I think it's a false sense of security, I mean the prices are going down but at what time of the year, right before the midterm elections," said driver Derek Southers.
The pinch is still hurting drivers like Sean Sadler, "I'm spending just on my truck about 450 dollars a week."
According to AAA, the average price for gas in Texas is just at $4 a gallon. In the metroplex, that number is roughly six cents lower per gallon, which is about 80 cents lower than a month ago.
According to GasBuddy.com, the cheapest gas in the metroplex can be found at membership warehouses Sams Club and Costco in Fort Worth and Mansfield in the $3.50 range and several gas stations in Arlington.
So why are the prices dropping?
CBS 11 news spoke with an economist who points to demand is lower after the Fourth of July and gas prices typically fall during this time in the summer—and concerns over a possible recession looming.
"Oil traders and so forth have been watching the federal reserve real closely and their interest rate increases and they're concerned that they may raise it too quickly or too high and throw the economy into a recession which would in turn lower the price of oil," said Bruce Bullock, Director of the Maguire energy institute at the SMU Cox School of Business.
Bullock said it's hard to predict where gas prices may go, it's possible it can return to the $2 range sometime soon.
"Eventually we will see those prices again, and at some point in the future, we'll probably see 5-dollar gas again as well, it's just the nature of this industry to cycle up and down," added Bullock.