Less Pain at the Pump for Memorial Day
By: Mycah Glover
Updated: May 24, 2012
MIDLAND -- This year, gasoline prices have hit West Texans hard. One person we spoke with says it costs him $121 to fill up his tank, and he has to gas up every two days. Pain at the pump has even forced some to trade in their gas guzzlers for something more fuel efficient.
While we would typically see prices get even higher during the summer driving season, according to financial expert Mickey Cargile, this year, that's not the case. "Memorial day does mark the beginning of the summer driving season. But this year was different because we had a spike in oil prices earlier in the year, which took gasoline prices higher," said Cargile, managing partner at Cargile Investment Management.
Cargile says that spike has taken care of itself and supply has met demand, bringing prices down.
"I think it's probably going to stay, at least locally, pretty consistent in that $3.60 to $3.70 area, but I do look for them to continue to come down during the summer. The refineries are catching up with the supply issue that they had, so there's more gasoline available and that will continue to be true going forward," said Cargile.
Some say the higher, the better. One Midlander we spoke with said, "Living in Midland and Odessa, we want the price of oil and gas to be as high as possible."
But for others, hearing the highest prices of the year are behind us is music to their ears. One woman we spoke with said she and her family are traveling to Houston this summer, and so she said she's, "glad to hear that the prices of gas aren't gonna be going up again."
Cargile says we can expect to see gas prices continue to fall as the price of crude drops. He expects the price of crude to come down to between $80 and $85 a barrel.
For more energy news, follow Mycah and Big 2 on:
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While we would typically see prices get even higher during the summer driving season, according to financial expert Mickey Cargile, this year, that's not the case. "Memorial day does mark the beginning of the summer driving season. But this year was different because we had a spike in oil prices earlier in the year, which took gasoline prices higher," said Cargile, managing partner at Cargile Investment Management.
Cargile says that spike has taken care of itself and supply has met demand, bringing prices down.
"I think it's probably going to stay, at least locally, pretty consistent in that $3.60 to $3.70 area, but I do look for them to continue to come down during the summer. The refineries are catching up with the supply issue that they had, so there's more gasoline available and that will continue to be true going forward," said Cargile.
Some say the higher, the better. One Midlander we spoke with said, "Living in Midland and Odessa, we want the price of oil and gas to be as high as possible."
But for others, hearing the highest prices of the year are behind us is music to their ears. One woman we spoke with said she and her family are traveling to Houston this summer, and so she said she's, "glad to hear that the prices of gas aren't gonna be going up again."
Cargile says we can expect to see gas prices continue to fall as the price of crude drops. He expects the price of crude to come down to between $80 and $85 a barrel.
For more energy news, follow Mycah and Big 2 on:
Facebook - Mycah Glover - KMID
Twitter - @Mycah Glover
News - KMID Big 2
