Gas prices slowly falling in North Texas

Gas prices slightly lower for Fourth of July travel

Holiday travelers saw slightly lower gas prices in North Texas. But those holding out for a bigger drop likely won't see it before the end of the summer.

DALLAS - High gas prices didn’t stop many Americans from traveling for their Fourth of July plans.

AAA estimates 47 million people hit the road for the holiday. But for some, the traveling is being kept to a minimum.

"Lately I’ve been doing $200 a week man, so it’s killing me," said Day’mone Dollars. "Gas is too high so I just gotta minimize how much money I spend on gas."

"I definitely don’t go back home as much because it takes a lot," added Amana Qureshi.

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Gas prices slowly falling in North Texas

It may not exactly feel like relief but gas prices are slowly falling as many people travel for the holiday weekend.

While there’s still pain at the pump, things are getting better – at least for now.

The average price for a gallon of gas in North Texas is $4.44. That’s a noticeable drop from the record high of $4.84 two weeks ago.

SMU economist Mike Davis said just as there are multiple local and global factors that make gas prices go higher, the same is said for when they dip.

"We’re probably going to be living in this range of high gas prices, you know, for certainly through the summer and probably through the rest of 2022," he said.

Davis said refinery capacity is still low in the United States combined with consistent demand.

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FILE - Gas pumps shown at gas station.

President Joe Biden urged Congress to pass a three-month gas tax holiday. The idea would save people about $.18 a gallon but is not likely to pass and even lacks support from some Democrats who point out that gas tax revenue is critical for road maintenance.

While there is frustration and finger pointing, Davis cautions there's no one person or one entity causing prices to spike.

"It's not one person whether it's President Biden or the guy at the Quicky Mart who is setting gas prices," he said.

Recently the president and other world leaders discussed putting a cap on Russian oil because of the continued attack on Ukraine. There’s no word on if Russia retaliates, which will also impact the oil and gas market.

Texas is one of the few states which has lowered its average price per gallon behind Indiana, Delaware and Wisconsin.

The price in California is the worst at $6.24 a gallon.