Gas prices continue to normalize on international headlines

Gas prices are the lowest they've been in a month, as they continue to tick down from their all-time highs. The week started with crude futures closing around $89 per barrel, down approximately $3. 

While Texas enjoys the lowest average prices in the nation, a number of international factors could push them lower.

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Houston oil analyst Andy Lipow says despite politicians who may try to take the credit, changing habits, and lower demand for oil, are responsible for reducing prices at the pump, along with an easing hysteria over Russia's invasion of Ukraine.

Now, two new developments are pressuring prices lower. 

First, poor economic data from China suggests global demand will fall further. Plus, Iran has signaled it may re-engage in stalled talks to curb its nuclear program, which, if successful, could ease sanctions on its oil. 

"While the United States will not be purchasing Iranian oil, it does add to the overall world supply, and helps reduce prices," says Lipow. "That will, ultimately, benefit the consumer in the United States."

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Right now, gas prices in Texas, are the lowest in the nation at an average $3.45 a gallon for regular unleaded. Lipow predicts that number will fall another five cents in the next week, before any other international developments. In the next month, he says there's another bonus for drivers with the changing seasons. 

"As we get to the latter half of September, when refiners switch to winter-grade gasoline, we should see a further decline of $0.15 to $0.20 a gallon," says Lipow, "So down to about $3.25 to $3.30."

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Concerns still remain, however. For example, a hurricane in the gulf, that shuts down production or refining, 'could' cause prices to spike again. Barring that, Lipow believes it's possible that gas prices could fall another $0.40 to pre-Russia invasion levels, by around Thanksgiving.