The price of gas has risen slightly in San Antonio, but we are beginning to see the 'fracking dividend' show up at the pump, with the lowest prices we have seen at this time of the year since the end of the recession, 1200 WOAI news reports.
Doug Shupe of Triple A Texas says the average price of a gallon on unleaded in San Antonio is $3.14, that has leveled out after experiencing a jump of nearly a dime a gallon earlier this month.
"Rising demand, refinery maintenance, and also refineries are having to switch over to the more expensive summer blend gasoline by May first," Shupe said.
And it's just the start of the impact Americans can expect to see at the pump this year from the fracking boom.
"With more than half of February already behind us, and barring any major natural disasters or events like refinery outages, the sticker shock for drivers in 2014 will be less than it has been in recent years," Shupe said.
This time last year, on February 21, 2013, we were paying $3.57 per gallon in San Antonio. Analysts say this is completely the result of the massive fracking boom which is pumping millions of barrels a day out of oil fields in North Dakota, Texas, and elsewhere.
Oil and gasoline are still a commodity and are traded on the world markets, but they point out that several international events, from the unrest in the Ukraine to problems in Syria, Egypt, Iran, and elsewhere, would have spooked the markets in recent years and led to price spikes. We are not seeing those spikes today due to improved domestic oil production.