WICHITA FALLS, TX (RNN Texoma) - Gas prices have continued to fall in Texas and Wichita Falls over the last several weeks. The average price for a gallon of regular unleaded fuel in Wichita Falls is $2.48.
That price is four cents less than this time last week. Gas prices have dropped nearly a quarter month-to-month, according to AAA Texas. Analysts previously thought pump price would increases due to the White House’s re-imposition of sanctions on Iran.
Some of those will target the country’s energy sector and impedes its ability to export oil. This was expected to have a potential large impact on global supply and demand, according to AAA Texas.
But in May, when a decision was announced to take effect this month, the market reacted quickly and barrel prices rose to $77 a barrel during the summer. But, experts say these dropping gas prices are a likely temporary trend.
The cheapest prices at the pump we found in Wichita Falls was $2.34 at the Murphy USA on Archer City Highway and Southwest Parkway. For a look at the cheapest gas prices near you, click here.