Gas prices under $4 seen at multiple gas stations in Austin area
AUSTIN, Texas - Gas prices dropped under $4 at several Austin gas stations.
As of the evening of Friday, July 8, the Exxon on South 1st St. and Sacramento Drive had gas for $3.94 with an Exxon card, regular at $3.99. A few gas stations on South 1st St. were seen with prices under $4. There is also one at Riverside and Montopolis. More are listed on Gas Buddy.
"It's like amazing. I have it on my radar. I'll be coming back," Rachel McCaig, who was filling up at the Exxon, said.
Another driver, Deb Kelt, says she's considering travel plans again.
"We [weren't] going to go to Dallas to see my mother because I knew it'd be at least $150 to get up there and back, and now I think we might," she said. "Driving now might be a little more in the plans, but we weren't going to go until the prices came down, because it was crazy."
AAA says the average gas price in Austin is $4.32 Friday. A week ago, it was $4.50, so it's dropped 18 cents.
They say several factors go into lower prices. There's more regional supply now.
"Crude oil prices come down on concerns in the financial markets that there could be a recession coming," Daniel Armbruster, AAA Texas spokesperson, said.
The President also tapped into the Strategic Petroleum Reserve.
However, with lots of travel, supply might not be able to keep up.
"We anticipate demand will increase or stay up. If demand stays up where it's at, the supply will probably get tighter," Armbruster said.
Experts say prices are likely to go back up again.
"There's a lot of caution from market analysts saying, 'hey, don't get too excited just yet. This could change,'" Armbruster said.
Drivers also think they will go back up again.
"They probably will. We'll see. I just take it as it is," McCaig said.
If you're looking for cheap gas near you, you can use sites like Gas Buddy or the AAA app. A lot of retailers also have rewards programs.
For better fuel efficiency, make sure your tires are fully inflated and don't accelerate too quickly.