Gasoline prices fall in Houston for a second consecutive week
Mark Mulligan, Houston Chronicle / Staff photographerand could fall again for the Fourth of July holiday as crude oil prices retreat.
A gallon of gasoline average $4.48 a gallon Monday, down 10 cents from a week ago, according to the fuel-price tracking service GasBuddy. Gasoline prices here are sill 25 cents a gallon higher than a month and $1.79 than a year ago. Nationally, gasoline prices over the past week fell 9 cents to $4.88 gallon, which is still 28 cents higher than a month ago and $1.79 than a year ago.Crude prices have fallen for two consecutive weeks amid rising concerns about a recession, spurred by aggressive interest rate increases by the Federal Reserve to bring inflation under control. An economic downturn would lower energy demand.
"While prices will be at their highest July 4th level ever, they'll have fallen close to 20 cents since our peak in early June,” De Haan said. “Motorists should be wary that while the decline could continue for the week ahead, any sudden jolts to supply could quickly cause a turnaround.”
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