Gas price free fall expected to continue

San Antonio prices drop 37 cents a gallon in one month

SAN ANTONIO – Drivers, albeit a dwindling number as people stay at home, are seeing a free fall at the pump. Gas prices are tanking to their lowest prices in more than four years, with more drops expected.

A few small independent stations were selling unleaded for $1.15.

The average in San Antonio on Thursday was $1.63, reflecting a 37-cent drop in just one month. It’s a whopping 69 cents less than this time last year.

“It’s the cheapest I can remember," said driver Sage Ayers. “Still, everybody is too scared to go anywhere.”

As for what’s ahead, drivers can expect another 25-cent a gallon drop this month, according to AAA.

“It’s good for the consumer, but bad for the companies, especially the oil companies," said driver Gilbert Renteria.

Crude prices have plummeted to their lowest in nearly 18 years, dropping by more than 60%.

The decline is due to COVID-19′s effect on the global economy as well as the price war between Saudi Arabia and Russia.

President Donald Trump said he expects an agreement between Saudi Arabia and Russia to cut output.

The declining price of oil and glut could also be painful for Texas. The state budget could face a gaping hole from lost oil production taxes.

How deep the pain depends on how long the pandemic lasts.

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About the Authors

Marilyn Moritz is an award-winning journalist dedicated to digging up information that can make people’s lives a little bit better. As KSAT’S 12 On Your Side Consumer reporter, she focuses on exposing scams and dangerous products and helping people save money.

Misael started at KSAT-TV as a photojournalist in 1987.

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