SAN ANTONIO – After a summer that saw gas prices as scorching as the heat, drivers are finally feeling a little relief.
On Tuesday, people were filling up their tanks for $2.89 at the Murphy USA on Pat Booker Road in Universal City.
“This right here makes you feel like you’re getting somewhere with your dollar,” said Frances Gaines.
Prices plunged another 12 cents in the past week, part of a three-month slide from record and budget-busting highs.
“It scared me for a while when it was past $4.50,” said Michael McCall. “I was nervous about what I was going to do.”
In mid-June, the average price of a gallon in San Antonio hit $4.67. On Tuesday, the average was $3.11, meaning it costs roughly $25 less to fill up the average tank than it did in early summer.
Industry analysts say the prices have tanked largely over worries that an economic slowdown would curb oil consumption.
So what’s around the corner?
“I do think there is a little more room to go lower in the days ahead, especially if there is more data that shows the economy is slowing,” said Patrick De Haan, chief analyst for GasBuddy.com.
Refineries are switching to cheaper winter blends this month, which should also help push prices down.
Drivers are still paying about 42 cents per gallon more than one year ago. But, unless there is a hurricane or other major disruption, De Haan says sky-high prices are likely in the rear-view mirror.
“For now, I think this fall should feature the solid possibility of prices remaining under $3 a gallon for longer stretches than we’ve seen in some time,” he said.
That’s welcome news to Sarah Meyer, who says she fills her tank five times a week.
“So, roughly 200 or more dollars,” she said. “So that’s like a quarter of my paycheck.”
She said she wouldn’t mind a little more relief at the pump as inflation continues to take its toll.