SAN ANTONIO, Texas — We have seen all of our essentials get not just more expensive but really pricey including food, and housing and energy. That is reflexed in the Consumer Price Index for June 2022.
Inflation is costing you an extra $460 dollars a month according to Moody’s Analytics. Many of us are feeling the financial squeeze. Yet there is relief in sight, at least temporarily. The one place you are paying less: At the pump.
“We’ve seen prices plunge,” said Patrick De Haan of GasBuddy. “In fact, San Antonio, a month ago, the average was $4.68 a gallon. Today, we’re at $4.08 a gallon with many stations back under $4 a gallon. It’s going to continue.”
Meaning more of your money stays in your wallet, which is anywhere from $25 to $60 dollars a month.
“For Americans living paycheck to paycheck, it’s very, very solid relief to see in fairly short order,” De Haan said. “Americans will continue to see prices fall so more of their paycheck will be in their wallet and not left behind at the pump.”
Find the right gas station and you can get gas for $3.99 in San Antonio.
“The good news is that over the next couple of weeks, more stations will fall under $4,” De Haan said. “In fact, most stations will probably fall under $4. San Antonio’s average, which is at $4.08 today could fall under $4 by the weekend.”
One professor says that price is not likely to last long.
“I think it’s very likely we’re going to see oil prices resume their upward climb, you know, $120, $130, maybe even higher, which, as we all know, I mean, even at $120, that took gasoline to about five bucks a gallon,” said Thomas Tunstall, an economics professor at UTSA. “Near-term, it’s great. I’m happy to see it. I just remain a bit skeptical that it’s going to be sustainable.”
Inflation is still going to be around for a while and will continue to put pressure on our budgets. So, take advantage of the lower prices and fill up now.