The free fall in prices at gas pumps across Texas continues–amid signs OPEC may be ready to take some action to shore up the sagging oil market.
“I think we’re getting close to the point where even Saudi Arabia is willing to negotiate” said energy analyst Phil Flynn–referring to suggestions the Cartel could soon decide to freeze production in an attempt to bolster oil prices.
“OPEC is at that point of pain right now” Flynn said, adding “Even if they don’t want to cut production, they’re willing to listen.”
And, Flynn said the case can clearly be made that the time for action has come.
“Because, if prices fall too much further they’re going to have to do something–or, they’re going to drown in their own oil” Flynn said.
Meanwhile, the AAA Texas said the statewide average price per gallon of regular unleaded is down by another five-cents over the last week–while the San Antonio average has fallen by four-cents.
In fact, the lowest average price can be found in Amarillo–at just $1.34 per gallon.