Gas Prices Lowest Since 2004

Though gas is just a little over two dollars per gallon–it is beginning to benefit resident’s pockets. However, falling oil prices has caused cut backs in thousands of refinery jobs.

For Fermin Muñoz low gas prices represents more than 100% savings of his monthly expenses on fuel.

But why gas is so cheap? Crude accounts for about half the cost of a gallon of gas oil is trading now at under $46 a barrel. Last summer, oil was at $100 a barrel. Repercussion on the refinery labor industry

We did see this year, a big drop from the numbers that we had last year, for employment for the refineries here for the Corpus Christi area. The oil cost of barrels going down there was a lot of unemployment and release of toward employees.”

Gas prices are headed lower still, experts believe.

According to the American Automobile Association, it is estimated gas prices will fall below $2 dollars in many parts of the country by Christmas.