North Texas gasoline prices drop in time for Thanksgiving travel

Just days before the Thanksgiving travel season, North Texans are enjoying some of the lowest gas prices in a while.

The state average is currently $2.37 a gallon for regular unleaded, seven cents lower than last week. Drivers in the Dallas area will pay even less at $2.27 per gallon and $2.26 in Fort Worth.

The Chevron station at the intersection of Webb Chapel and Timberline Drive is doing something that's getting a lot of attention. Store owner Goldy Singh says he's selling his gas at cost, $1.99, just to let the neighborhood know he's open for business. Some people were so surprised they took pictures as they filled their tanks on Thursday.

SMU oil and gas expert, Dr. Bud Weinstein, said gas prices have dropped by 25 percent in the last month primarily because of supply and demand.

"The U.S. is pumping more crude oil than ever before, almost 11 million barrels per day,” Weinstein said. “At the same time Saudi Arabia and Russia are producing full out. So, there's a glut of oil on the market, so that's the main reason the gasoline prices are down.”

Weinstein said he expects the Saudi's and the Russians to begin cutting back soon and that will make the price of gas go back up. But he doesn't expect that to happen until the spring or summer. 

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