Summer gas prices expectations

A look at what to expect at the pump this summer in Texoma
Published: Jun. 6, 2023 at 6:40 PM CDT
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SHERMAN, Texas (KXII) - Families may be looking to go to an amusement park this summer, but we’ve got a roller coaster right here at home, the gas prices.

“Looking at the prices, they’ve actually come down just a little. I’m surprised about that, but I think give it another week or two and we’ll see,” Pottsboro resident, Joseph Wenszell said.

Saudi Arabia announced it will cut oil production by a million barrels a day, that’s in addition to the half a million barrels they already cut in April.

Brad Douglass of Douglass Distributing said the effect of that decision can already be seen locally.

“We actually saw the price rise yesterday over $3 a barrel, based on those Saudi Arabian cuts. “

However, Patrick De Haan, from Gas Buddy said the real impact from the OPEC decision will actually grow over time.

“When the economy starts to reverse and grow again, that is going to be the time when OPEC’S production cut is likely to boost prices more significantly,” De Haan explained.

So, what should the average consumer expect?

“Prices will be going up, but certainly not what we saw last summer,” Douglass shared.

According to Gas Buddy, the average gas prices across Texas still remain rather low.

However, Douglass said while that may be true, situations are likely to vary for Texoma consumers.

“We are tied so closely to the oil production that we’re going to see the price changes quicker than maybe, say, the east coast or the west coast,” Douglass explained.

The Saudi Energy Ministry stated that the production cut will start in July for at least one month but could be extended.