SAN ANTONIO — The long Labor Day holiday weekend is winding down as are the number of vehicles on the road. But are gas prices going down? We take a look at where prices stand right now, and what is expected in the coming months.
Right now San Antonio drivers are paying an average of $3.35 for a gallon of regular, which is actually 16 cents higher than this time last year. But prices are just beginning the slow climb back down.
"We're not going back to drilling like we were before," said Jay Young, who is the CEO of King Operating Corporation. He says one of the reason for the higher prices this year could be less drilling. Baker Hughes, which has been keeping count of drilling rigs online since 1944 says the U.S. is down 129 rigs from last year.
"We're going to see a lot more higher prices in the future if we don't get back to drilling in the United States," Young added.
Nationally the highest gas prices during the week leading up to Labor Day was in 2012 at $3.84 a gallon. Right now AAA says the current prices are just a bit lower at $3.81 a gallon. That is still quite a bit higher than the average for a gallon of gas on Memorial Day which was $3.58 a gallon. Here in Texas we're paying less than most of the rest of the country, at $3.39 a gallon.
Young says in the long term expect higher prices, but what about the short term? Patrick De Haan, the spokesperson for Gas Buddy told us, "Gas prices generally fall in the fall just as they rise in the spring. Gasoline demand is starting to fall. And will certainly after Labor Day weekend."
Another reason for expected falling prices in the next few weeks to months, returning to the winter blend of fuel.
"We also make the transition back to cheaper winter gasoline in mid-September," De Haan said.
So how much lower could they go?
"The National Average could fall 35 to 50 cents a gallon by the end of the year," De Haan told us.
For south Texas that means we should fall to just under three bucks by the winter holidays. And to find the cheapest gas where you live you can check out Gas Buddy, AAA, and even Google Maps.