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Despite slight slow-down in gas price drop, six-year lows persist, industry specialist warns of future increase

The fuel price drop has slowed some in the past couple of weeks as we continue to see prices at six-year lows.

 

According to gasbuddy.com, the average price for a gallon of regular gas in Texas is averaging $1.84 a gallon, that's down 9 cents in the past two weeks.

 

In Louisiana, a gallon’s averaging $1.88, down 12 cents in the last couple of weeks.

 

Nationally, the average is $2.03, which is eight cents less than last week and $1.25 cents less from the same time a year ago.

 

Locally, the lowest we found in Center this morning was $1.89 at Wal-Mart, down 4 pennies in the past week.

 

The former president of Shell Oil, John Hofmeister is issuing a warning, telling motorist that their joy ride may end sooner than they think. He says the next round of high prices is likely to start later this year, as crude rebounds to the $80s and $90s, perhaps pushing to the $100 level by late in the year or next. He says the triggering mechanism will be global demand growth relative to how much capital constraint gets baked into future plans for production this year and next. It said whether prices reach $4 a gallon or push past, it's too early to tell. Hofmeister says he sees $5 gas on the horizon. The U.S. Energy Information Administration, which predicts U.S. gasoline prices, says the average will be $2.33 this year and $2.72 in 2016. 

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