Experts Say Gas Prices Likely To Drop Again

Chris Sommer
November 02, 2018 - 2:55 pm
Gas Station Pump

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DALLAS (1080 KRLD) - You might want to wait a couple days to fill up your gas tank.

At the Oil Price Information Service, analyst Tom Kloza sees prices dropping by another 10-25 cents a gallon in the near future. 

Kloza said, "It will happen, and the first place you'll see it are the off-price places like Costco and Sam's Club and so forth. Those numbers will be substantially below anything you've seen since March or April."

Kloza said the reason for the trend is simple - there's just too much gasoline right now.  He said, "It's easier to manufacture it now, the price of crude oil is cheaper. So we've seen kind of a stealth drop of anywhere between 35 and 70 cents at wholesale, and you don't need to be an economist to know that when wholesale drops that much, you're gonna see retail move lower, as well."

Kloza said it's possible a handful of North Texas stations could even touch briefly on $1.99 a gallon, but he cautions those prices wouldn't be around for long. 

He said the biggest price drops tend to happen on Friday evening, meaning local drivers could see another notable drop at the pump by Sunday.​