Texas Gas Prices Are Plummeting. Here’s The Reason Why.

One of the most welcome sights during the holidays and new year in Amarillo & Texas as a whole has been the significant drop in gas prices.

It wasn't that long ago that we were being subjected to prices at $3.50 per gallon, or even more in certain places. Those days now seem like a distant memory thankfully.

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Around Amarillo, I've seen prices as low as $2.34 per gallon, which is a massive improvement from where we were just a few months ago. We saw a slight spike between Thanksgiving and Christmas, but it didn't reach the $3 range during that jump.

A common misconception is that gas prices are inflated as we hit different holidays and periods throughout the year. Just because a travel type of holiday is coming, prices don't just jump because they know more people will be filling their vehicles up.

I'm not saying that doesn't have SOMETHING to do with it, because it is a small piece of the puzzle. The larger piece of that is the price of oil as a whole.

Right now, we're experiencing a nice decline in oil prices, thus the better prices at the pump. Another thing that's helping is inflation is beginning to ease up just a bit, so everything around us is starting to see SOME kind of decline in price.

Gas prices are down 25 cents per gallon nationally from a month ago, and 30 cents cheaper than it was a year ago at this time. And just when you think saving a cent or two at the pump doesn't make a difference, it does.

For every penny gas falls per gallon, it saves motorists a total of roughly $3.8 million across the nation. That's a lot of money NOT being spent on gasoline right now, and allowing us to get out and about a little bit more.