Across the state of Texas, fuel finally showed some stabilization this week as prices at the pump remained relatively unchanged from this time last week.
Gas prices in the Brownwood & Early area range from $2.45-$2.59 per gallon of regular unleaded, unchanged from last weeks prices. A few stations went up and a few went slightly down, but the overall price range stayed about the same.
According to GasBuddy.com, the state average price per gallon of unleaded also stayed flat from last week averaging out to about $2.51 per gallon.
Oil prices however showed a drop in price at the end of the week closing at about $69.60 per barrel of oil as compared to $70.93 per barrel last week. INO.com reports that the technical indicators are pointing to a slightly lower opening price for oil on Monday.
One interesting development this past week was that a few reports were released showing that demand for oil and gasoline remains low as oil supplies are still up. Many analysts (wsj.com) do not believe that oil and gas prices can remain at these current price levels for much longer without either a supply drop or a demand increase.
The short term sentiment is that prices will remain stable with a slow decline over the next week or two.
The one unknown element brewing is the start if hurricane season and Tropical Storm Claudette currently in the Gulf of Mexico with a long line of other tropical disturbances following. One major tropical event in the gulf could spike oil and gas prices quickly.
Check back next week for our weekly gas price report.
