'Perfect storm' leads to lower gas prices

Number of factors come together to bring lower gas prices at the pump in Houston

October 2, 2013 4:54:30 PM PDT
Gas prices in some places seem to be so low, you almost HAVE to stop and fill up.

The average price of gas in Houston sits at $3.13 a gallon. That compares to $3.38 last month, and $3.53 at this time last year, a 40 cent drop.

Experts say it's sort of a perfect storm for gas prices. The end of the summer means fewer people driving long distances, so demand is down. Also, with cooler weather, refineries can skip a step in the process that reduces ozone emissions.

Bob Tippee is editor of the Oil and Gas Journal, and says the government shutdown is fueling fears about an economic slowdown.

He explained, "Crude prices have been extremely sensitive to economic concerns ever since the financial collapse."

But even with the prices pleasantly low, Tippee says the long-term trend is still up.

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