AUSTIN (Nexstar) — Depending on where you live in Texas, gas prices have been inching down from a March 10 high of $4.10 state average.
El Pasoaens are paying $3.93 on average as of Thursday, whereas in refinery-dense Corpus Christi, folks are paying an average of $3.62 a gallon.
The minor decline doesn’t mean Texans and Americans aren’t feeling a pinch at the pump, but gas experts said the prices might have peaked.
Patrick De Haan, the head of petroleum and gas analysis at GasBuddy, said it’s difficult to predict where the markets will go with all of the worldwide turmoil happening right now.
“We’ve seen tremendous and potentially historic amount of volatility in the price of oil, even day to day and week to week,” he said.
De Haan said the dip in gas prices from March highs through April mirrored a decline in oil prices that resulted from COVID-19 lockdowns throughout China, as it experienced a surge in another omicron subvariant.
“It’s frustrating for people filling up at the pump, because they want affordable gasoline, and our industry is not being held by all of the volatility,” said Todd Staples, president of the Texas Oil and Gas Association.
Staples said it’s difficult to predict when there will be a consistent and stable decline due to ongoing tensions with the Russia-Ukraine conflict.
“The European Union is trying to wean themselves off of Russian oil and gas. Today, that creates challenges,” he said.
De Haan said last month’s decision from the Biden administration to release the strategic petroleum reserve may keep gas prices from reaching their previous March highs.
“What it may do down the road is it may limit how prices go. It may not necessarily reduce them,” he said. “But knowing the president is releasing oil, knowing that he’s done this, would probably add to the psyche that oil prices may not rise as high, knowing that there is more oil should the global economy need it.”