How low will gas prices go? - KPLC 7 News, Lake Charles, Louisiana

How low will gas prices go?

TYLER, TX (KLTV) -

Gas prices could be on the way back below three dollars per gallon here in East Texas.

That’s according to a local expert, who said a number of factors mean East Texans will likely be pocketing some big savings at the pump by Christmas.

It’s good news for Margaret Musgrave, who has made a living for over 11 years as a cab driver in Tyler.

“I pay for the gas every day,” Musgrave said. “The more runs that I make, a little more money I can make to put in my pocket after paying for gas.”

So for her, the higher price is a direct hit.

“Sometimes it's a lot less than I would like to take,” Musgrave said. “I'm happy right now making what I can.”

But relief could be on the horizon if Harold Doty is right.

“We should see it continue to go down,” Doty, the UT Tyler Vice President for Strategic Initiatives, said. “10, 15, 20 cents a gallon would be my guess. I think $2.85 to $2.90 is quite likely. We should see below three in Tyler again.”

Why another dip? Doty said an oil and gas surplus, use of winter blends, slow economic growth and relative stability in the Middle East all fuel the price burn-off. But could it go even lower?

“The big kicker is whether the EPA will relax the ethanol standards,” Doty said. “If they cut the ethanol standards as much as they were talking about, we could see $2.75 a gallon.”

That’s music to the ears of not just Musgrave, but other East Texas drivers too.

“Oh that'd be a blessing,” Musgrave said. “It would help a whole lot, a whole lot.”

“I wish they would go back lower than that!” said Roberto Vazquez..

“That would be a blessing,” Bruce Cooper said.

But in this case, what goes down will inevitably go back up.

“Enjoy it now,” Doty said. “The good times are here, and let's enjoy them, but they're going to end.”

He predicts a slow and steady climb at the beginning of the new year, something drivers like Musgrave said is just a fact of life.

“We'll just have to keep on going,” Cooper said. “We've got to use it, so we can't go without it.”

“It's just something we have to learn to deal with and make the most with what we've got,” Musgrave said.

Doty also said drivers will end up paying less for gas in 2013 than in 2012, adding that data also predicts 2014 will cost drivers less at the pump than just two years ago.

Copyright 2013 KLTV. All rights reserved.

  • More Local NewsNewsMore>>

  • Will the I-10 bridge construction traffic affect the LHSAA Softball State Tournament?

    Will the I-10 bridge construction traffic affect the LHSAA Softball State Tournament?

    Thursday, April 26 2018 12:01 AM EDT2018-04-26 04:01:18 GMT
    (Source: Maranda Whittington/KPLC)(Source: Maranda Whittington/KPLC)
    (Source: Maranda Whittington/KPLC)(Source: Maranda Whittington/KPLC)
    Over 90 teams from across the state will be battling it out for softball championship titles, and while the tournament is held in Sulphur, many teams book hotels in Lake Charles.  But will traffic play a role in this year's tournament?  The Southwest Louisiana Convention and Visitors Bureau told 7News hotels are sold out in Calcasieu Parish--filled with teams for this weekend's tournament.  While traffic is a concern, they say they've already talked to team...More >>
    Over 90 teams from across the state will be battling it out for softball championship titles, and while the tournament is held in Sulphur, many teams book hotels in Lake Charles.  But will traffic play a role in this year's tournament?  The Southwest Louisiana Convention and Visitors Bureau told 7News hotels are sold out in Calcasieu Parish--filled with teams for this weekend's tournament.  While traffic is a concern, they say they've already talked to team...More >>
  • Gator Chateau breaks ground on expansion project

    Gator Chateau breaks ground on expansion project

    Wednesday, April 25 2018 10:13 PM EDT2018-04-26 02:13:03 GMT
    (Source: KPLC)(Source: KPLC)
    (Source: KPLC)(Source: KPLC)
    Popular Jennings tourist spot Gator Chateau has broken ground on its expansion project. The new addition has been a long time coming according to Jeff Davis Parish officials, as the first building went up in 1976. "We are going to have more room for the tours we do," said Marion Fox, President and CEO of the Jeff Davis Parish Economic Development & Tourism Commission. "They are going to lay the groundwork, lay the foundation, and then we are going to start bui...More >>
    Popular Jennings tourist spot Gator Chateau has broken ground on its expansion project. The new addition has been a long time coming according to Jeff Davis Parish officials, as the first building went up in 1976. "We are going to have more room for the tours we do," said Marion Fox, President and CEO of the Jeff Davis Parish Economic Development & Tourism Commission. "They are going to lay the groundwork, lay the foundation, and then we are going to start bui...More >>
  • Johns’ riverboat proposal gains approval

    Johns’ riverboat proposal gains approval

    Wednesday, April 25 2018 9:32 PM EDT2018-04-26 01:32:58 GMT
    Louisiana Legislature (Source: KPLC)Louisiana Legislature (Source: KPLC)

    Louisiana's senators have agreed to allow the state's riverboat casinos to move on land. The Senate voted 22-14 Tuesday for the proposal by Sen. Ronnie Johns, a Lake Charles Republican. The measure would allow Louisiana's 15 riverboat casinos to conduct gambling activities within 1,200 feet on land from where the riverboat is berthed and remove the requirement the riverboats have an operable paddlewheel. It also would redefine the limits on gambling space.

    More >>

    Louisiana's senators have agreed to allow the state's riverboat casinos to move on land. The Senate voted 22-14 Tuesday for the proposal by Sen. Ronnie Johns, a Lake Charles Republican. The measure would allow Louisiana's 15 riverboat casinos to conduct gambling activities within 1,200 feet on land from where the riverboat is berthed and remove the requirement the riverboats have an operable paddlewheel. It also would redefine the limits on gambling space.

    More >>
Powered by Frankly