So much for that tension between Iran and Saudi Arabia pushing gas prices higher.
Prices actually fell at San Antonio gas pumps over the last week–at an average clip of nearly two-cents per gallon.
“Without any reaction there, it actually said a lot about the state of the glut (in supply) that’s happening right now” gasbuddy.com’s Will Speer told KTSA News, adding the economic worries in China appear to be really steering prices lower.
Speer also said the cold weather that has settled in across much of the United States is also having an impact on prices.
“It will push gasoline demand down. In January and February, you typically see low gasoline demand as it is” Speer said.
All in all, the forecast is for prices to continue to fall in San Antonio at a a clip of one to two-cents per week for the next several weeks.
“We’ll continue to see that for a few more weeks now… up until we start to see the spring refinery maintenance happen–taking some of that extra supply off the market” Speer said.